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Casey Company bought a machine on January 1, Year 1. The machine cost $144,000, the...

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Accounting

Casey Company bought a machine on January 1, Year 1. The machine cost $144,000, the company also spent $45,000 and $38,000 for transportation and installation, respectively. The purchase was paid in cash. The accounting team expected salvage value of $24,000. The life of the machine was estimated to be 5 years.4. Assuming Casey company only use the straight-line method, and the company decide to sale the old machine by the end of year 5 for $31,000. Calculate Loss or Gain and write the journal entry for the transactions.

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