On January 1, 2023, PetraCo Ordered a New Machine to Help

question 17

Essay

On January 1, 2023, PetraCo ordered a new machine to help increase production for one of its most popular products. The machine had an invoice price of $30,000 and PetraCo was required to pay shipping ($1,200) and insurance during shipping ($300) by boat from British Columbia to Toronto. The machine arrived on January 5, 2019 and was installed at a cost of $800 and calibrated and tested for a cost of $200. On February 1, 2019 it was put into operation. PetraCo's fiscal year runs from January to December. Round all final answers to the nearest dollar.
-The machine was expected to last 10 years with a salvage value of $2,500.Prepare the journal entry to record depreciation for 2019 using the double-declining balance method of depreciation.

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Definitions:

NLRA

The National Labor Relations Act, a foundational statute in United States labor law that protects the rights of employees to engage in collective bargaining and other union activities.

Corporate Campaign

A strategy used by labor unions to put pressure on a company by mobilizing public, financial, and political support to achieve negotiating aims.

NFL Fans

Individuals who enthusiastically follow and support National Football League teams, often showing their loyalty through attending games, watching broadcasts, and purchasing merchandise.

Intermittent Strike

A form of industrial action where employees strike for short periods of time, unpredictably, making it harder for employers to prepare alternative strategies.