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Donguri Ltd. has a machine costing $860,000 with the estimated useful life of 8 years and an estimated residual value of $60,000. Donguri uses the straight-line method to depreciate its capital assets. The ledger shows a balance of $425,000 in the accumulated depreciation on December 31, 2020. The following transactions are related to the machine:
2021:
2022:
Required: Problem 1: What is the age of the machine on December 31, 2020? Identify the type of expenditure for the transaction on February 1 and March 31, 2021.
Problem 2: What is the annual depreciation expense amount before the estimate changes? What is the annual depreciation expense amount after the estimate changes?
Problem 3: Please record all journal entries for 2021.
Problem 4: Please calculate the gain or loss on the disposal of the machine, and record all journal entries related to the disposal of the machine.
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