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  3. 7)    on january 1, tiger corp. paid $66,000 cas

7)    On January 1, Tiger Corp. paid $66,000 cash for machinery that was expected to...

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Accounting

7)    On January 1, Tiger Corp. paid $66,000 cash formachinery that was expected to last for 11 years.

  1. Is the machinery a current asset or a long-term asset?Why?
  1. Give Tiger’s journal entry to record the purchase ofthe machinery.
  1. Give Tiger’s journal entry to record depreciationexpense on the machinery for the first year.
  1. Give Tiger’s journal entry to record depreciationexpense on the machinery for the second year.
  1. What is the balance in accumulated depreciation atthe end of the first year? At the end of the second year?
  1. What is the net (book) value of the machinery at theend of the first year? At the end of the second year? At the end ofthe 11th year?

Answer & Explanation Solved by verified expert
4.5 Ratings (785 Votes)
Straight line Method A Cost 6600000 B Residual Value CA B Depreciable base 6600000 D Life in years left 11 ECD Annual SLM depreciation 600000 Year Book Value Depreciation expense Ending Book Value Accumulated Depreciation 1 6600000 600000 6000000 600000 2 6000000 600000 5400000 1200000 3 5400000 600000 4800000 1800000 4 4800000 600000 4200000 2400000 5 4200000 600000    See Answer
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