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please do entries with debit and credits, thanks QUESTION 4 (8 marks) Manley Corporation purchased a machine on January 1, 2018 for a total price
please do entries with debit and credits, thanks
QUESTION 4 (8 marks) Manley Corporation purchased a machine on January 1, 2018 for a total price of $135,000. The machine was expected to last for six years and would have a residual value of $15,000. Manley has a year-end of December 31 and uses the Straight-Line Method of depreciation. A full year's depreciation is taken in the year of purchase and sale. Required 1. Assume Manley sells the machine on December 31, 2020 for a total of $68,000. Prepare the entry. 2. Assume Manley sells the machine on December 31, 2022 for a total of $37,500. Prepare the entry Step by Step Solution
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