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What is the book value of the machine

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Question: On 12/1/20 Machinee Inc. purchases a machine for $24,000 cash. One the same day, Machinee also purchases a plot of land for $100,000 by signing a 20 year mortgage. Machinee adjusts its books annually. The estimated useful life of the machine is 6 years. Machinee uses the straight-line method of depreciation with a half-year convention. a. Record the purchase of the machine and the land on 12/1/20. b. Prepare the AJE, if any on 12/31/20. c. Prepare the AJE, if any on 3/31/21. d. Prepare the AJE, if any on 12/31/21. e. What is the book value of the machine as of 12/31/20? f. What is the book value of the machine as of 12/31/21?

Reference no: EM133371217

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