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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 18
Swift Company purchased a machine on January 1, 2019, for $900,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being
$60,000
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$315,000
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$90,000
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$0
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- Current Attempt in Progress Cullumber Company purchased a machine on January 1, 2019, for $910000. At the date of acquisition, the machine had an estimated useful life of 6 years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2022. Cullumber determined, as a result of additional information, that the machine had an estimated useful life of 8 years from the date of acquisition with no salvage. An accounting change was made in 2022 to reflect this additional information. What is the amount of depreciation expense on this machine that should be charged in Cullumber's income statement for the year ended December 31, 20227 $227500 $91000 $113750 $182000arrow_forwardNonearrow_forwardQuestions 1 PT Sarmah obtained a patent in January 2019, at a cost of $ 200,000,000. Estimated useful life 8 year. The company incurred additional costs related to this patent in January 2020, amounting to $ 20,000,000 At the end of 2021 there was an economic downturn due to the pandemic, and a test for impairment of the fair value of int assets was carried out according to an independent appraiser, the recoverable value of the patent is $ 24,000,000. Instructions: Prepare journals at the end of 2019 to 2021 Questions number 2 in image Please answers type not handwriting, thank you the book I use: Intermediate Accounting, Kieso, ifrs Edition, Fourth Editionarrow_forward
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