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  • On January 2 2004 The Allen Flour Company Purchased A

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    Taimour Hassan
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    The Allen Flour Company purchased a new machine for $82,000 on January 2, 2004, with $3,000 in installation costs. The machine was expected to have a 10-year useful life and $3,000 salvage value using straight-line depreciation. In 2007, an $8,000 repair extended the machine's life by 3 years but did not change the salvage value. In 2010, a $5,000 improvement increased the salvage value to $6,000 but did not affect remaining life.

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    On January 2 2004 the Allen Flour Company Purchased A

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    The Allen Flour Company purchased a new machine for $82,000 on January 2, 2004, with $3,000 in installation costs. The machine was expected to have a 10-year useful life and $3,000 salvage value using straight-line depreciation. In 2007, an $8,000 repair extended the machine's life by 3 years but did not change the salvage value. In 2010, a $5,000 improvement increased the salvage value to $6,000 but did not affect remaining life.

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    © All Rights Reserved
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    16 views1 page

    On January 2 2004 The Allen Flour Company Purchased A

    Uploaded by

    Taimour Hassan
    The Allen Flour Company purchased a new machine for $82,000 on January 2, 2004, with $3,000 in installation costs. The machine was expected to have a 10-year useful life and $3,000 salvage value using straight-line depreciation. In 2007, an $8,000 repair extended the machine's life by 3 years but did not change the salvage value. In 2010, a $5,000 improvement increased the salvage value to $6,000 but did not affect remaining life.

    Copyright:

    © All Rights Reserved
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    On January 2 2004 the Allen Flour Company purchased a

    #4855
    On January 2, 2004, the Allen Flour Company purchased a new machine at a cost of $82,000.
    Installation costs for the machine were $3,000. The machine was expected to have a useful life
    of 10 years, with a salvage value of $3,000. The company uses straight-line depreciation for
    financial reporting. On January 3, 2007, the machine broke down, and an extraordinary repair
    had to be made to the machine at a cost of $8,000. The repair extended the machine's life to 13
    years, but left the salvage value unchanged. On January 2, 2010, an improvement was made to
    the machine in the amount of $5,000 that increased the machine's productivity and increased
    the salvage value (to $6,000), but did not affect the remaining useful life. Determine
    depreciation expenses every December 31st for the years 2004, 2007, and 2010.View Solution:
    On January 2 2004 the Allen Flour Company purchased a

    ANSWER
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