4. ABC Company purchased a picce of equipment with a purchase price of 565,000 on...
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Accounting
4. ABC Company purchased a picce of equipment with a purchase price of 565,000 on laruary 1 of Year 1. They paid $3,500 sales tax and $1,300 for shipping. The salvage walue is expected to be $10,000 and useful life is expected to be 5 years. Prepare the poumal entry to this ecuipment if (a) ABC Company usis the straight line method of depreciation and the equipment is sold for $16,000 on May 1. Year 4. (b) ABC Company uses the double declining method of depreciation and the eauipment is sold on December 31, Year 4 for $15,000
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