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On July 31, 2021, John Deere Manufacturing Company purchased a machine that cost $1,200,000, with an estimated residual value of $58,000, and an estimated useful life of ten years. The machine is being depreciated on a straight-line basis. At the end of the second year, what is the total amount of depreciation expense reported on the Income Statement and the total amount of accumulated depreciation reported on the Balance Sheet? (Round final answers to whole dollars) Depreciation Expense Accumulated Depreciation

On July 31, 2021, John Deere Manufacturing Company purchased a machine that cost $1,200,000, with an estimated residual value of $58,000, and an estimated useful life of ten years. The machine is being depreciated on a straight-line basis. At the end of the second year, what is the total amount of depreciation expense reported on the Income Statement and the total amount of accumulated depreciation reported on the Balance Sheet? (Round final answers to whole dollars) Depreciation Expense Accumulated Depreciation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 31, 2021, John Deere Manufacturing Company purchased a machine that cost $1,200,000, with an estimated residual value of $58,000, and an estimated useful life of ten years. The machine is being depreciated on a straight-line basis. At the end of the second year, what is the total amount of depreciation expense reported on the Income Statement and the total amount of accumulated depreciation reported on the Balance Sheet? (Round final answers to whole dollars)

  1. Depreciation Expense 
  2. Accumulated Depreciation 
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