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6. A machine was sold for $20,000 on July 1, 2014. Original cost of the
machine was $44,000 on January 1, 2009, and it was depreciated on
the straight-line basis over an estimated useful life of 7 years and a
salvage value of $2,000.
Instructions
(a) Prepare a detailed analysis of the changes in each of the following
balance sheet accounts for 2014.
Land
Land improvements
Buildings
Equipment
(Hint: Disregard the related accumulated depreciation accounts.)
(b) List the items in the fact situation that were not used to determine
the answer to (a), showing the
pertinent amounts and supporting computations in good form for each
item. In addition, indicate
where, or if, these items should be included in Lobo%u2019s financial
statements.
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ACC 537 Week 3 Textbook Problem 11 4 Per Company
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