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A company acquired the following assets: a. Machine: 10-year useful life, $31,000 cost, straight-line method, $8,000 expected

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Answer #1

Depreciation expense for Machine for Each Year = (31,000 - 8,000)/10 = 2,300

Depreciation expense for furniture Year 1 = 23,000 x 66.67% = 15,333

Depreciation Expense for Furniture Year 2 = (23,000 -15,333) x 66.67% = 5,111

Depreciation Expense for Furniture Year = (23,000 - 15,333 - 5,111) -1,400

=1,156

Pls the Book Value Should not go less than the residual value

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