On April 1,Year 1,Raines Co

question 72

Essay

On April 1,Year 1,Raines Co.purchased and placed a plant asset in service.The following information is available regarding the plant asset:
Make the necessary adjusting journal entries at December 31,Year 1,and December 31,Year 2 to record depreciation for each year under the double-declining-balance depreciation method:

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Definitions:

Least Squares Line

A straight line that minimizes the sum of the squares of the differences between the observed and predicted values.

Coefficient Of Determination

A statistical measure, often symbolized as R^2, that represents the proportion of the variance in the dependent variable predictable from the independent variable(s).

Correlation Coefficient

A measure that determines the degree to which two variables' movements are associated, ranging from -1 (perfect negative correlation) to +1 (perfect positive correlation).

Prediction Interval

An estimate of an interval in which future observations will fall, with a certain degree of confidence, based on a predictive model.