Lox, Stock & Bagel, Inc. bought machinery at a cost of $583,000
Question 3 1.5 out of 1.5 points
Lox, Stock & Bagel, Inc. bought machinery at a cost of $583,000 on January 1. If its salvage value is $0 (i.e., it plans to not sell the machinery when it is done using it) and its useful life is 10 years, Depreciation Expense for the year ended December 31, Year 1 equals ______.
Question 4 1.5 out of 1.5 points
Lox, Stock & Bagel, Inc. bought machinery at a cost of $416,000 on January 1, Year 1. It plans to dispose of the machinery after 10 years of use. Depreciation Expense for the year ended December 31, Year 2 equals ______.
A pizza company receives a check from a customer as partial payment of his account balance. This transaction does not involve the sale of new pizzas. How should the entry be recorded?
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