QUESTION 1 Hertford Manufacturing Inc. sold two machines in 2022. The following information pertains to...
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QUESTION 1 Hertford Manufacturing Inc. sold two machines in 2022. The following information pertains to the two machines: Purchase Useful Residual Depreciation Sale Machine Cost Date Life Value Method Date Sold Price #1 $76,000 Jul 1/19 5 yrs. $6,000 Straight-line Jun 30/22 $28,000 #2 $60,000 Jul 1/21 8 yrs. $3,000 Double diminishing- Dec 31/22 $45,000 balance Instructions (a) Calculate the depreciation on each machine to the date of disposal. (b) Prepare the journal entries to record 2022 depreciation and the sale of each machine
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