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XYZ Co purchased a machine with an estimated useful life of 5 years for $34,000 on 30 September 20X5. XYZ Co planned to scrap the machine at the end of its useful life and estimated that the scrap value at the purchase date was $4,000. On 1 October 20X8, XYZ revised the scrap value to $2,000 due to the decreased value of scrap metal
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Problem b) Prepare relevant T Accounts.
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