Using the following data and the straight-line method of depreciation, compute depreciation expense and make the necessary journal entry to record depreciation expense for the first year.Cost of machine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000Estimated useful life (years) . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 yearsSalvage value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,000Estimated useful life (units). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000Units produced during the first year . . . . . . . .. . . . . . . . . . . . . . . . . . . . 180,000View Solution:
Using the following data and the straight line method of depreci



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