On January 1, 2020 a company purchases a machine for $30,000 which includes $25,000 for...
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On January 1, 2020 a company purchases a machine for $30,000 which includes $25,000 for the cost of the machine and $5,000 for sales tax and shipping costs. The machine is expected to last 10 years and have a salvage value of $5,000. The company uses straight line depreciation. The depreciation expense for 2020 is computed as: [Select] : The entry to record the depreciation expense is: (Select] A company purchases equipment January 1, 2020 with a cost of $30,000 and a salvage value of $1,000 and have a useful life of 10 years. The company uses double declining balance depreciation. The depreciation for 2020 is: [Select] The depreciation for 2021 is: [Select]
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