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Find how much is the carrying amount of equipment on dec

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Problem 1: Enter Sandman Co. purchased manufacturing equipment from Sad But True Co. on January 1, 20x8 at a total cost of ?9,000,000. Enter Sandman uses the straight-line method of depreciation and estimates that the equipment has a useful life of 10 years. On July 1, 20x8 and July 1, 20x9 Enter Sandman performed major regular inspections on the equipment costing ?380,000 and ?425,000, respectively. The costs of inspection satisfied the recognition criteria for capitalization. How much is the carrying amount of the equipment on December 31, 2009?

Reference no: EM132718771

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