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Calculate the depreciation using the straight-line method

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Reference no: EM132799065

Problem - At the beginning of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life to be five years or 60,000 units of output with an estimated salvage value of $60,000. During the current year, 15,000 units were produced. Show your work below and then record the entries in the journal.

Calculate the depreciation using the: Straight-line method of depreciation Units-of-production method of depreciation.

Prepare the necessary December 31 adjusting entry to record depletion for the current year using the general journal.

Reference no: EM132799065

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