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Porter, Inc., acquired a machine that cost $360,000 on October 1, 2013. The machine is expected to have a four year useful life and an estimated salvage value of $40,000 at the end of its life. Porter, Inc., uses the calendar year for financial reporting. Depreciation expense for one-fourth of a year was recorded in 2013.Required:a. Using the straight line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December 31, 2015, and the balance of the Accumulated Depreciation account as of December 31, 2015.
b. Using the double declining balance depreciation method, calculate the depreciation expense for the year ended December 31, 2015, and the net book value of the machine at that date.
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Enviro Company issues 8%, 10 year bonds with a par value of$250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 1/2. The straight-line method is used to al..
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