Archie Co. purchased a framing machine for $45,000 on July 1, 2021. The machine is...
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Accounting
Archie Co. purchased a framing machine for $45,000 on July 1, 2021. The machine is expected to have a lifespan of four years, with a residual value of $5,000 at the end of the four years.
Using the sum of the digits of years method, depreciation for 2021 and carrying value as of December 31, 2021 would be:
Answer Choice Group
$16,000 and $29,000 respectively.
$8,000 and $32,000 respectively.
16,000 and 24,000 respectively
8,000 and 37,000 respectively
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