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Please answer. thank you Markham Manufacturing Inc. purhased and later sold a machine. Details relating to the machine are below. Acquisition cost $216,000 Date of
Please answer. thank you
Markham Manufacturing Inc. purhased and later sold a machine. Details relating to the machine are below. Acquisition cost $216,000 Date of purchase 1-May-20 Date put into use 1-Aug-20 Estimated useful life in years Estimated residual value $36,000 8 Date of disposal 1-Apr-24 Proceeds of disposal $150,000 Complete a depreciation chart for this machine and then answer the following questions. How much depreciation expense should be recorded in 2024, the year of the disposal? AJ Question 77 (2 points) Saved What is the book value on the disposal date? A/ Question 78 (2 points) What is the gain or loss on the disposal? If a loss, enter as a negative number (i.e. as -1000). If a gain, enter as a positive number (i.e., as 1000). Question 79 (4 points) How will the disposal of the machine be recorded? Ignore the partial-year depreciation entry. Select all that apply. (4 marks) a) Decrease Equipment b) Increase Cash Step by Step Solution
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