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Setting up a depreciation schedule for straight-line method

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Reference no: EM133164829

Question - Mittal Companies bought a machine at the beginning of the year at a cost of $27,000. The estimated useful life was five years and the residual value was $2,500.

Required -

1. Setting up a depreciation schedule for the straight-line method.

2. Make the journal entry to record Year 2 depreciation.

Reference no: EM133164829

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