B-10.08 Problem

B-10.08 Problem - and related calculations for each year(b...

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B-10.08 On January 1, 20X1, Pagoda Pond Construction acquired a small excavator for $85,000. This device had a 4-year service life to Pagoda, at which time it is expected that the equipment will be sold for a $10,000 salvage value. Pagoda uses the double-declining balance depreciation method. (a) Prepare a schedule showing annual depreciation expense, accumulated depreciation,
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Unformatted text preview: and related calculations for each year. (b) Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X3. (c) Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $10,000....
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