On January 1, 2010, Arlene Company Bought a Machine for $60

question 51

Essay

On January 1, 2010, Arlene Company bought a machine for $60, 000.It was then estimated that the useful life of the machine would be eight years with a salvage value of $8, 000.On January 1, 2014, it was decided that the machine's total life from acquisition date should have been only six years with a salvage value of only $2000.The company used straight-line depreciation.
Required:
a. If an adjusting entry is necessary on January 1,2014 , prepare it.
b. Compute depreciation expense for 2014.

Identify factors leading to currency appreciation or depreciation.

Distinguish between fiat currencies and cryptocurrencies.

Understand the role and mechanism of currency exchange in international trade.

Grasp the concept of floating and managed exchange rates.

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Definitions:

Add

A mathematical operation that combines two or more amounts to get a total.

Simp

In colloquial use, shorthand for 'simpleton'; in internet culture, someone overly submissive to someone they're attracted to without reciprocation.

Conj

A conjunction is a logical operator that connects two statements in a way that the resulting statement is true only if both connected statements are true.

MP

Modus Ponens, a fundamental rule of logical deduction allowing one to derive a conclusion from a conditional statement and its antecedent.