Metlock Company uses special strapping equipment in its packaging business. The equipment was purchased in...
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Metlock Company uses special strapping equipment in its packaging business. The equipment was purchased in January for $ and had an estimated useful life of years with no salvage value. At December new technology was introduced that would accelerate the obsolescence of Metlock's equipment. Metlock's controller estimates that expected future net cash flows on the equipment will be $ and that the fair value of the equipment is $ Metlock intends to continue using the equipment, but it is estimated that the remaining useful life is years. Metlock uses straightline depreciation. Prepare the journal entry for the equipment at December The fair value of the equipment at December is estimated to be $If no entry is required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. 
Metlock Company uses special strapping equipment in its packaging business. The equipment was purchased in January for $ and had an estimated useful life of years with no salvage value. At December new technology was introduced that would accelerate the obsolescence of Metlock's equipment. Metlock's controller estimates that expected future net cash flows on the equipment will be $ and that the fair value of the equipment is $ Metlock intends to continue using the equipment, but it is estimated that the remaining useful life is years. Metlock uses straightline depreciation.
Prepare the journal entry for the equipment at December The fair value of the equipment at December is estimated to be $If no entry is required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.
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