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During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee portion of FICA, $360,000 for federal income tax, $150,000 for state income tax, and $24,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 for the employer portion of health insurance.
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problem 1: Record the necessary entries in the Journal Entry Worksheet
An asset costs $80,000 and has a salvage value of $7,000. It has a four-year life. Using double-declining-balance depreciation, Year 2 depreciation would be:
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