Beta Inc. acquired a machine on January 1, 2010 for $44,000. Beta paid - 10270

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yousafbhutta

yousafbhutta

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  • Posted on: Wed 23 May, 2012
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Beta Inc. acquired a machine on January 1, 2010 for $44,000. Beta paid $17,000 cash and signed a note for the balance. On January 3, it paid $1,200 freight costs for delivery of the machine. On January 5, Beta paid $1,500 to have the machine installed. On December 30, Beta paid $700 for annual maintenance on the machine. On December 31, Beta recorded depreciation using the straight-line method. Beta expects to use the machine for 10 years at which time it expects a residual value of $2,500. Prepare the journal entry to record depreciation on December 31, 2010. (Omit the "$" sign in your response.)

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