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Raine Industries bought a machine at the beginning of the year at a cost of...

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Question

Accounting

Raine Industries bought a machine at the beginning of the year at a cost of $32,000. The estimated useful life was five years and the residual value was $4,000.
Required:
Complete a depreciation schedule for the straight-line method.
Prepare the journal entry to record Year 2 depreciation.
Complete this question by entering your answers in the tabs below.
Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet
A
Record the adjusting entry for depreciation expense for Year 2.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[1,,,],[,,,],[,,,]]
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