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On January 1, 2010, LoCoco Corporation purchased a new assembly line for $100,000 cash and a $200,000, 10%, 5-year note payable. The assembly line has an estimated salvage value of $20,000 and an estimated useful life of 14 years.
Required:1. Prepare a journal entry to record the acquisition of the assembly line.2. Assume that LoCoco depreciates its assets using the straight-line method. a. Compute depreciation expense for 2010 and 2011. Prepare a journal entry to record 2011 depreciation expense.b. Compute accumulated depreciation at the end of 2010 and 2011.c. Compute the assembly line's book value at the end of 2010 and 2011.
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