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How do record the entry calculate book value

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On July 1, 2020 Kelly Co. is made aware that one of their industrial ovens will only last an additional 5 years. The oven originally cost $350,000 and currently has a book value of $170,000. This was based on an original residual value of $5,000 and an initial 23 year life.

Question 1: Record the entry calculate book value, accumulated depreciation and depreciation expense. Show details.

Reference no: EM132604662

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