Solved: A machine with cost of 1000000 tl is purchased on january 1, Accounting Basics

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A machine with cost of 1000000 tl is purchased on january 1

Question - A machine with cost of 1.000.000 TL is purchased on January 1, 2016. Its useful life is 5 years and estimated residual is 20.000 TL. (Double Declining Balance)

Required:

a) Calculate this machine's depreciation expenses over 5 years.

b) Journalize the sale transaction when this machine is sold for 300.000 TL after 3 years.

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Accounting Basics: A machine with cost of 1000000 tl is purchased on january 1

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Accounting Basics: A machine with cost of 1000000 tl is purchased on january 1

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