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.
Correct Answer:
Verified
Correct Answer:
Verified
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