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Question: USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP,…
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Question: USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP,...

Question: USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP,...

Question: USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP,...

Show transcribed image text USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP, LLC. HPI, LLC had to put 10% cash down and financed the remainder of the purchase price with a long term note. The Machine has a useful life of 5 vears and it also has a salvage value of $75,000. HPI, LLc has a policy of depreciating their assets using the double declining method. P6, what is the Double Declining Rate of this asset? P7. What is the journal entry needed on 1/1/xi to record the asset acquisition? Ps. Record the Depreciation Entry needed on December 31, for Years 1 thru 5.

USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/x1 for $675,000 by the firm HP, LLC. HPI, LLC had to put 10% cash down and financed the remainder of the purchase price with a long term note. The Machine has a useful life of 5 vears and it also has a salvage value of $75,000. HPI, LLc has a policy of depreciating their assets using the double declining method. P6, what is the Double Declining Rate of this asset? P7. What is the journal entry needed on 1/1/xi to record the asset acquisition? Ps. Record the Depreciation Entry needed on December 31, for Years 1 thru 5.

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