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Tesla Manufacturers buys machinery of $380,000 with salvage value of $30,000 and useful life of Seven years. The company adopts double decline reducing balance method
Tesla Manufacturers buys machinery of $380,000 with salvage value of $30,000 and useful life of Seven years. The company adopts double decline reducing balance method of depreciation. Tesla uses the machine for 5 years and disposed of at price at $96,000.
Requirement:
Calculate the Depreciation Rate and Depreciation expense for each year.Write the journal entry for the sale of asset in given table
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