Brennan has been in business for many years, and her accounting year end is the...
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Accounting
Brennan has been in business for many years, and her accounting year end is the 31 December each year.
On the 1st July 20X5 she purchased a machine for €2,400. The estimated useful life on this machine is five years, with an estimated residual value of €300. Brennan provides for depreciation on a monthly basis using the straight-line method. Brennan then sold the machine on the 1st of April 20X7 for €1,800.
 Show the effect of the above transactions in the relevant accounts and on the financial statements for each year.
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