Skysong Corp. purchased machinery on January 1, 2019 for $692,000. Straight-line depreciation is used. At the time management estimated that the machinery would be used over 10 years and would have a residual value of $47,000. It is now December 31, 2023 and management has determined that the machine's life is now a total of 12 years with no residual value. No adjusting journal entries have been recorded yet for the 2023 year-end.
Skysong Corp. purchased machinery on January 1, 2019 for $692,000. Straight-line depreciation is used. At the time management estimated that the machinery would be used over 10 years and would have a residual value of $47,000. It is now December 31, 2023 and management has determined that the machine's life is now a total of 12 years with no residual value. No adjusting journal entries have been recorded yet for the 2023 year-end.
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Transcribed Image Text:Skysong Corp. purchased machinery on January 1, 2019 for $692,000. Straight-line depreciation is used. At the time management
estimated that the machinery would be used over 10 years and would have a residual value of $47,000. It is now December 31, 2023
and management has determined that the machine's life is now a total of 12 years with no residual value. No adjusting journal entries
have been recorded yet for the 2023 year-end.
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