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Record all journal entries relative to the machine in april

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Question - Maldin ltd purchased a machine on account on April 1, 2022, at an invoice price of $480,000 (terms FOB shipping point, n/90). On April 2, it paid $2,000 for delivery of the machine. A one-year, $4,000 insurance policy on the machine was purchased on April 5. On April 19, Maldin paid $8,000 for installation and testing of the machine. The machine will be ready for use on April 30. Maldin estimates the machine's useful life will be five years or 6,200 units with a residual value of $45,000. Maldin has a December 31 year end. Record all journal entries relative to the machine in April 2022.

Reference no: EM133156871

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