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Question - Blue Jays Corporation purchased machinery on January 1, 2019, at a cost of $280,000. The estimated useful life of the machinery is five years, with a residual value of $10,000. The company is considering which depreciation method to use for financial reporting purposes.
Required -
a) Record the annual depreciation for 2021 using the straight-line method.
b) Record the annual depreciation for 2020 using the double-diminishing method.
c) Which method would result in the higher cash flow for 2019? Over the ?ve-year period?
d) Record the sale of the machinery on September 1st, 2022 for $140,000 cash. Assume the straight-Iine method of depreciation is used.
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