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Q13-Q18 IVoted, Inc. purchased a new machine at the beginning of its calendar year. The machine was purchased for $100,000 and will be used for
Q13-Q18 IVoted, Inc. purchased a new machine at the beginning of its calendar year. The machine was purchased for $100,000 and will be used for 10 years (or 50,000 hours of use). At the end of 10 years the machine will have a salvage/residual value of $10,000. The machine was used 5,000, 8,000, 10,000 and 11,000 hours during the first 4 years of operations. Each year the machine requires regular maintenance that costs $1,000. At the end of the 10 years, IVote sold the machine for $7500 cash. Answer the following 5 questions regarding this machine and its related accounting D Question 14 3.5 pts What is the amount of depreciation expense IVoted will recognize during the first year of operations using the straight-line method? Question 15 3.5 pts What is the amount of depreciation expense IVoted will recognize during the second year of operations using the units-of-production method? Question 16 3.5 pts What is the amount of depreciation expense IVoted will recognize during the first year of operations using the double declining balance method? D Question 17 3.5 pts When IVote, Inc. pays the $1000 annual maintenance cost, the company will debit... Machine asset Accounts Payable O Cash O Expense Question 18 3.5 pts At the end of 10 years when IVote, Inc. sells the machine (fully depreciated under any of the depreciation methods) the company will record... O Again of $2,500 O Cash of $10,000 O Aloss of $2,500 O no gain or loss
Q13-Q18
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