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Present journal entries to record each of the following events relating to a polishing machine owned by Crawford Company. Crawford uses the straight-line method of recording depreciation on machinery and has a December 31 fiscal year. On January 1, Year 1 Crawford Company acquires a polishing machine costing $60,000 for cash. It estimates the machine to have a nine-year life and $6,000 salvage value. During Year 4, Crawford Company determines that the machine will actually have a useful life of eleven years in total instead of nine as originally estimated. It also now expects that the salvage value at the end of the machine’s useful life will be $4,000.

Question:

What is the Net Book Value (NBV) of the polishing machine at the end of year 4 (i.e., after recording depreciation expense for year 4?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92683087

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