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Raine Industries bought a machine at the beginning of the year at a cost of $40,000. The estimated useful life was five years and the

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Raine Industries bought a machine at the beginning of the year at a cost of $40,000. The estimated useful life was five years and the residual value was $4,500. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a depreciation schedule for the straight-line method. Balance Sheet Year Income Statement Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition 2 3 4 5 Journal entry worksheet

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