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Equipment was acquired at the beginning of the year at a cost of $78,720. The equipment was depriciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920.
A. What was the depreciation expense for the first year?
B. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.
C. Journalist the entry to record the sale. If an amount box does not require an entry, leave it blank.
Charitable contributions-State and local income taxes
On December 1, 2008, Denizen Corporation entered into a 120-day forward contract to purchase 20,000 Canadian dollars (C$). Prepare all journal entries for Denizen Corporation.
Shin Company has a loan agreement that provides it with cash today, and the company must pay $25,000 4 years from today. Shin agrees to a 6% interest rate. The present value factor for 4 periods, 6% is 0.7921. What is the amount of cash that Shin..
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