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Annual depreciation = (61800-4120)/8 = 7210
Net book value at the wnd of 2020 = 61800 - 7210*5 = $25750
Depreciation for 2021 = (25750-4635)/5 = $4223
Account titles and explanation | Debit | Credit |
No entry required | ||
Depreciation expense | 4223 | |
Accumulated depreciation | 4223 | |
Machinery purchased for $61,800 by Swifty Co. in 2016 was originally estimated to have a life...
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