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    Machinary a/c, accumulated depreciation a/c

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    On January 1, 2004, the Accumulated Depreciation, Machinery account of a particular company showed a balance of $740,000. At the end of 2004, after the adjusting entries were posted, it showed a balance of $790,000. During 2004, one of the machines which cost $250,000 was sold for $121,000 cash. This resulted in a loss of $8,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2004?

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    Accumulated depreciation account
    by bal c/d 740000
    by depreciation ...

    Solution Summary

    The solution contains Machinery a/c and accumulated depreciation a/c for the computation of depreciation expense during the year both in excel format and word format.