ch9classexample-1 - What is entry to record annual...

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Class Example Chapter 9 Wright Company purchased a piece of equipment on 1/1/07 Equipment Accumulated Depreciation Invoice Price: $175,000 Taxes: $15,000 Insurance during shipping $5,000 Intallation and Testing $5,000 Annual Insurance $5,000 Journal entry to record 1/1/07 Purchase? Machine has a useful life of 6 years and a salvage value of 30,000.
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Unformatted text preview: What is entry to record annual depreciation? What is the book value at the end of year 3? On June 30, 2010, the machine is sold for 120,000. What are the entries to record the sale? What if it had sold for $75,000?...
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This note was uploaded on 01/18/2012 for the course ACCT 207 taught by Professor Hudchinson during the Fall '08 term at University of Delaware.

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