Required information PB9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO...
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Required information PB9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3) (The following information applies to the questions displayed below) At the beginning of the year, Feliz Industries bought a shed, a machine, and a trailer, The shed initially cost $21.200 but had to be renovated at a cost of $720. The shed was expected to last 7 years, with a residual value of $1,900 Repairs costing $540 were incurred at the end of the first year of use The machine cost $11,700, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2. The trailer cost $12,200 and was expected to last 4 years, with a residual value of $2,000 PB9-1 (Algo) Part 6 Part 6 of 6 6. Prepare the journal entry to record year 2 double-declining balance depreciation expense for the trailer. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 10 points View transaction ist Journal entry worksheet eBook
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