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On January 1, 2002 Fulbrite Services Inc. purchased a new machine for $600,000. The machine had an estimate useful life of eight years and a salvage value of $150,000. Fulbrite elected to depreciate the machine using the double declining balance method. ON January 1, 2005, the company decided...
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1. On March 1, 2004 Leo leases and places in service a passenger automobile. The lease will run for five years and the payments are $380 per month. During 2004, he uses his car 80% for business and 20% for personal activities. Assuming the dollar amount from the IRS table is $19, determine...
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Audry, age 38 and single, earned a salary of $59,000. She had interest income of $1,600 and had a $2,000 long-term capital loss from the sale of a stock investment. Audry incurred the following employment-related expenses during the year: Transportation $5,500 Meals 2,800 Lodging 4,200...
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How do I find the double decling-balance method. For my straight-line method I got At the beginning of the current year, Phoenix Company acquired an item of machinery for 160,000. The machinery had a life expectancy of four years an estimated salvage value of 16,000. For the straight-line... View more questions Search
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