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URGENT PLEASE ANSWER I WILL THUMBS UP In this section, questions are worth 2 marks unless specified otherwise. Markham Manufacturing Inc. purhased and later sold
URGENT PLEASE ANSWER I WILL THUMBS UP
In this section, questions are worth 2 marks unless specified otherwise. Markham Manufacturing Inc. purhased and later sold a machine. Detalls relating to the machine are below. Acquisition cost $216,000 Date of purchase 1-May-20 Date put into use 1-Aug-20 Estimated useful life in years 8 Estimated residual value $36,000 Date of disposal 1-Apr-24 Proceeds of disposal $150,000 Complete a depreciation chart for this machine and then answer the following questions. What is the accumulated depreciation at the end of 2022? A/ Question 76 (2 points) How much depreciation expense should be recorded in 2024, the year of the disposal? A/ Question 77 (2 points) What is the book value on the disposal date? Question 78 (2 points) What is the gain or loss on the disposal? If a loss, enter as a negative number (.e. as -1000). If a gain, enter as a positive number (.e., as 1000) Step by Step Solution
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