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Calculate the accumulated depreciation and carrying amount of each asset on December 31,2023. ...

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Accounting

Calculate the accumulated depreciation and carrying amount of each asset on December 31,2023.
Machine 1
Machine 2
Accumulated depreciation
Carrying amount
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Crane Inc., reported the following information about two of its machines as at December 31,2023. The new controller of the company Wendy Weink, is proposing new estimates for the useful life and residual value of these machines for 2024.
\table[[Machine,Date Acquired,Cost,Original,Proposed,Original,Proposed],[#1,Jan. 1,2015,$775,500,20,25,$37,780,$64,246
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