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How much is the acquisition cost of the machinery

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Reference no: EM132895823

Party Corporation bought machinery on January 1, 2020. It has an estimated useful life of 4 years and a residual value of $500,000. The machine is being depreciated using sum of years digits method. The depreciation applicable to this fixed asset for 2021 is $1,200,000.

Problem a. How much is the acquisition cost of the machinery?

Problem b. How much is the carrying amount of the machinery on December 31, 2021?

Reference no: EM132895823

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