Question 7 Needs Grading Zahid Company acquired machinery on January 1, 2017 with an amount...
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Question 7 Needs Grading Zahid Company acquired machinery on January 1, 2017 with an amount $52,000. The useful life of the machinery is expected to be 5 years. The salvage value at the end of the life of the machinery is expected to be $2,000. The machinery can produce maximum 20,000 units during its useful life. Required: a. Calculate depreciation in 2018 using straight-line depreciation method. b. Calculate depreciation in 2017 using units of production method, if 5,000 units are produced in 2017. c. Record a journal entry for depreciation in 2017 using double declining balance method
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