chapter22 - Instructions Prepare the entry or entries...

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Name: __________________________ Problem chapter 22 1. Noncounterbalancing error. Stevens Co. bought a machine on January 1, 2008 for $835,000. It had a $121,000 estimated residual value and a seven-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation. This was discovered in 2010.
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Unformatted text preview: Instructions Prepare the entry or entries related to the machine for 2010 Machine 835000 Depr.Exp 102000 Accum depr. 306000 R.E 631000 Or Machine 835000 R.E 835000 R.E. 204000 Accum Depr. 204000 Depr Exp 102000 Accum Depr. 102000 Page 1...
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