A Machine Was Acquired on January 1, 2021 for $4,000,000

question 75

Essay

A machine was acquired on January 1, 2021 for $4,000,000. At that time it was estimated the machine would last eight years and have a residual value of $560,000. Due to reduced levels of activity during 2023, management revised the estimate of useful life to 10 more years (i.e., the machine was to be operational until December 31, 2032, 12 years in total)and its residual value would be $410,000. The company has a December 31 year-end.
Required:
Case A: Prepare the journal entries to record depreciation for 2021 and 2023. The company uses straight-line depreciation.
Case B: Same as Case A except the company uses the double-declining balance method. The rate used will be 25% for the first two years and then 20% thereafter. Prepare the journal entries to record depreciation for 2021 and 2023.

Describe the relative advantages of human sensory organs compared to other animals.

Understand the principles of evolutionary psychology and the impact of traits on survival and reproduction.

Grasp the concept of conformity and its effects on social behavior.

Acknowledge the uniqueness of human sociality and the role of culture in shaping behavior.

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Definitions:

Articles Of Organization

The document filed with a state government to legally document the creation of a limited liability company (LLC).

Ultra Vires Doctrine

A principle stating that acts performed beyond the powers or authority granted by law or under a corporate charter are void or voidable.

Authorized Conduct

Actions or behaviors that are officially approved or sanctioned by an authoritative entity.

Corporation Statutes

Laws enacted by a legislature that dictate the formation, organization, and governance of corporations.