On march 1 of the current year lohan company purchased and, Ask an Expert

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On March 1 of the current year, Lohan Company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life to be four years or 60,000 total units of output with an estimated salvage value of $65,000. During the current year, 14,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:

a. The straight-line method of depreciation

b. The units-of-production method of depreciation

c. The double-declining balance method of depreciation.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91345053

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