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Questions 6-9 are with reference to the following information: Amco, Inc. manufactures stereo turntables in the United States. reports its financial information on a calendar
Questions 6-9 are with reference to the following information: Amco, Inc. manufactures stereo turntables in the United States. reports its financial information on a calendar year basis. For its FY 2015, it shows the following: Property Plant and Equipment (PP&E) January 1 -0- Purchases of PP&E on July 1, 2015 $1,100,000 Purchases of Land During FY 2015 1,100,000 Useful Life of PP&E and Land 10 Years Salvage Value of PP&E 100,000 Salvage Value of Land 100,000 Depreciation Method Used Straight Line Assuming no other information is available or relevant, what is the DOLLAR VALUE of Amco's 6. Depreciation expense for FY 2020? 7. Accumulated Depreciation as of 12/31/2020? 8. Depreciation Expense for FY 2020, assuming Amco uses the double declining balance method of depreciation? 9. Accumulated Depreciation as of 12/31/2020, assuming Amco uses the double declining balance method of depreciation
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