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Wolf Co. purchased machinery that was installed and ready for use on January 3, 2014, at a total cost of $92,000. Residual value was estimated at $12,000. The machinery will be amortized over five years using the double-declining balance method. Calculate for the year 2015, the amount Wolf should record amortization expense on this machinery. Wolf Co. has a December 31 year-end and adjusting entries are only made at year-end.
Electronic Contracts
Agreements that are created, transmitted, and signed digitally, utilizing electronic means.
UETA Applies
Refers to situations where the Uniform Electronic Transactions Act is relevant, enabling the legal recognition of electronic signatures and records in transactions.
Electronic Means
The use of digital technologies and electronic devices to carry out activities, including communication, transactions, and data storage.
Voluntarily Assented
The act of giving consent or agreement freely and without coercion.
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