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Hanshew's Lumber Mill sold two machines in 2014. The following information pertains to the two machines:
Purchase Useful Residual Depreciation Sales
Machine Cost Date Life Value Method Date Sold Price
#1 €88,000 7/1/10 5 yrs. €8,000 Straight-line 7/1/14 €20,000
#2 €70,000 7/1/13 4 yrs. €7,500 Double-declining- 12/31/14 €42,000
balance
Instructions
Question (a) Compute the depreciation on each machine to the date of disposal.
Question (b) Prepare the journal entries in 2014 to record 2014 depreciation and the sale of each machine. (Non-anonymous question )Your name and file upload actions will be recorded in Share
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