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1. Depreciation-Change in Estimate Machinery purchased for $52,000 by Carver Co. in 2006 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2011, it is determined that the total estimated life should be 10 years with a salvage value of $4,500 at the end of that time. Assume straight-line depreciation.
(a) Prepare the entry to correct the prior years' depreciation, if necessary.
(b) Prepare the entry to record depreciation for 2011.
A segmented absorption costing income statement for the company for the last quarter
common stock-25 par value 100000 shares authorized 50000 shares issued and outstanding 1250000paid-in capital in excess
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blimie corporation was organized on january 3 2012. blimie was authorized to issue 50000 shares of common stock with
On July 1, the race car was destroyed in an accidental fire in a storage warehouse where the race car was being stored prior to the race. Owner owns no other race cars, so Owner considered the contract discharged. Racer claimed that she is still e..
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The authorized stock of a corporation
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On October 8, Longhini returns defective goods with a selling price of $640 and a scrap value of $240. Record the transactions of Longhini Company, assuming a perpetual approach.
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