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Problem - At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different from each other, each was recorded separately in the accounts.
Machine A
Machine B
Machine C
Cost of the asset
$9,820
$33,990
$21,100
Installation costs
1,510
2,010
710
Renovation costs prior to use
510
1,310
Repairs after production began
410
310
610
By the end of the first year, each machine had been operating 6,100 hours.
Required -
1. a. Compute the cost of each machine.
1. b. Which of the following should be capitalized?
2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following:
Estimates Machine Life
Residual Value
Depreciation
Method A
4 years
$1,000
Straight-line
Method B
32,100 hours
2,000
Units-of-production
Method C
5 years
1,500
Double-declining-balance
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