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plz 2 questions solved Blossom Ltd purchases equipment on January 1, year 1, at a cost of E419,580. The asset is expected to have a
plz 2 questions solved
Blossom Ltd purchases equipment on January 1, year 1, at a cost of E419,580. The asset is expected to have a service life of 12 years and a residual value of 40.500 (a) Compute the amount of depreciation for each of years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5.125.) Depreciation for Year 1 Depreciation for Year 2E Depreciation for Year 3 Machinery purchased for $57,200 by Tamarisk Co. in 2018 was originally estimated to have a life of 8 years with a residual value of $4,400 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2023 , it is determined that the total estimated life should be 10 years with a residual value of $4.950 at the end of that time. Assume straight-line depreciation. (a) Prepare the entry to correct the prior years' depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Step by Step Solution
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