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Journalize new equipment depreciated using double-declining

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Problem 1: A machine which cost $300,000 was acquired on October 1, 2017. Its estimated salvage value is $30,000 and its expected life is eight years. Record any necessary 2020 entries associated with this machine. The machine is depreciated using the double-declining balance method. On May 31, 2020, this machine has a fair value of $190,000 and is exchanged for similar machinery having a fair value of $160,000 and $30,000 cash is received. This exchange lacks commercial substance. The new equipment is depreciated using the double-declining balance method and has an eight year useful life.

Reference no: EM132955431

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