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Terbish Company started operations on January 1 of the current year. It is now December 31, the end of the fiscal year. The part-time bookkeeper
Terbish Company started operations on January 1 of the current year. It is now December 31, the end of the fiscal year. The part-time bookkeeper needs your help to analyze the following three transactions: a. During the year, the company purchased office supplies that cost $1,920. At the end of the year, office supplies of $460 remained on hand. b. On January 1 of the current year, the company purchased a special machine for cash at a cost of $17,160. The machine's cost is estimated to depreciate at $1,560 per year. c. On July 1 , the company paid cash of $1,020 for a one-year premium on an insurance policy on the machine; coverage begins on July 1 of the current year. Required: Complete the following schedule by adding the amounts that should be reported for the current year
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