题目内容
Viva Inc. had bought machine X for $15,500 two years ago. The machine had no residual value and had an estimated useful life of 10 years. If the company uses the straight line depreciation method, calculate the current book value of the machine.
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Accrued revenues are the income that has been received but not earned.
Prepaid insurance is an asset account, and hence it appears on the balance sheet.
The depreciation method that allocates an equal amount of depreciation each year is called the straight-line method.
In the case of a prepaid expense, the adjusting entry required at the end of a period will consist of a debit to the Prepaid Expense account. Assume the prepaid expense was initially recorded as an asset.
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