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Estimates the machine useful life will be five years

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Question - Cullumber Limited purchased a machine on account on April 1, 2021, at an invoice price of $332,350. On April 2, it paid $2,040 for delivery of the machine. A one-year, $3,710 insurance policy on the machine was purchased on April 5. On April 19, Cullumber paid $7,860 for installation and testing of the machine. The machine was ready for use on April 30.

Cullumber estimates the machine's useful life will be five years or 6,205 units with a residual value of $73,270. Assume the machine produces the following numbers of units each year: 958 units in 2021; 1,322 units in 2022; 1,393 units in 2023; 1,333 units in 2024; and 1,199 units in 2025. Cullumber has a December 31 year end.

Reference no: EM133152743

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