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Question - STRAIGHT-LINE, DECLINING-BALANCE, SUM-OF-THE-YEARS'-DIGITS, AND MACRS METHODS A machine is purchased January 1 at a cost of $59,000. It is expected to serve for eight years and have a salvage value of $3,000. REQUIRED
1. Prepare a schedule showing depreciation for each year and the book value at the end of each year using the following methods
(a) Straight-line
(b) Double-declining-balance (round to two decimal places)
(c) Sum-of-the-years'-digits (round to two decimal places)
2. Assuming a seven-year class of property, compute MACRS depreciation expense for each year of the asset's life.
Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred
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an auditors substantive analytical procedure provides the auditor with an interest expense amount that is significantly
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Determine the present value of the bonds at issuance. Assume that bonds are issues at the price computed in requirement 1. Prepare an effective-interest method amortizatio table for the firest two simiannual interest installments.
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