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On January 2, several units of equipment, furniture, and fixtures were purchased and delivered. The total amount was ?1,200,000, of which, 30% were unpaid. At the end of the useful life of 6 years, the company expect to sell these used assets at 10% of its original cost.
Problem 1: What is the appropriate entry for transaction 1?
Problem 2: What is the appropriate entry for transaction 3?
Problem 3: What is the appropriate entry for transaction 7?
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This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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