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Nidley Company purchased a machine on 1 January 2007. The following expenditures were associated with the purchase: $List price 21,000Delivery charges 2,500Installation of machine 1,500 The machine was estimated to have a five-year useful life and a salvage value of $5,000. On 1 January 2009, the machine was overhauled at a cost of $6,000. The overhaul extended its useful life from 5 years to 6 years.
On 1 January 2011, the company traded in this machine and paid $3,000 cash for a newer model. There was no gain or loss on this exchange. The company uses the straight-line method of depreciation. Required: a) Determine the initial cost of the machine. Explain your answer.
b) Determine the depreciation expense, accumulated depreciation and net book value of the machine for the years 2007, 2008, 2009 and 2010. c) Prepare journal entries to record the trade-in of the machine.
Prepare journal entries to account for the transactions and information described in Exhibits 1-2 and 1-3 and prepare a revised statement of financial position after the journal entries prepared in Required 1 have been recorded.
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This schedule shows that $60,000 will be depreciated for a particular calendar year. Instructions Show calculations to determine for what particular year depreciation amount for this asset will be $60,000.
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