Question
What are the journal entries that is required to be recorded for both 2019 and 2020? Ming Company brought a machine on 1 Jul 19
What are the journal entries that is required to be recorded for both 2019 and 2020?
Ming Company brought a machine on 1 Jul 19 for $90,000. It incurred an additional $2,000 in freight charges to import the machine to Country X. Assume these are paid in cash. The machine has a useful life of 4 years and a residual value of $10,000. The company adopts the straight line method of depreciation and the financial year ends on 31 Dec.
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
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