1.) On January 1, 2018, Jordan, Inc. acquired a machine for $ 1,080,000. The estimated...
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Accounting
1.) On January 1, 2018, Jordan, Inc. acquired a machine for $ 1,080,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $ 55, 000. Calculate the depreciation expense per year using the straight-line method.
2.)
Land Corporation reported the following:
| Common Stock, $5.00 par,209,000 shares authorized,179,000 shares issued | $895,000 |
| Paid in Capital in Excess of ParCommon | 203,000 |
| Retained Earnings | 232,000 |
| Total Stockholders' Equity | $1,330,000 |
Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $14.50 per share?
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