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CK Purchased a Machine That Cost $26,000 on January 1,2001

Question 132

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CK purchased a machine that cost $26,000 on January 1,2001.The estimated useful life was 10 years and the residual value was $4,000.Complete the following schedule to reflect amortization expense for 2002 and the balance in the accumulated amortization account at the end of 2002,for each amortization method indicated.CK's year-end is December 31 and only accounts for amortization at year-end.  Balance in  Accumulated  Amortization  Amort, at Dec. 31,  Amortization Method  Expense for 20022002\begin{array}{llc} &&\text { Balance in }\\&&\text { Accumulated }\\& \text { Amortization } & \text { Amort, at Dec. 31, } \\\text { Amortization Method } & \text { Expense for } 2002 & 2002\end{array}  (a) Straight-line. $___$___\text { (a) Straight-line. }\quad\quad\$\_\_\_\quad\$\_\_\_  (b) Sum-of-the-years’-digits $___$___\text { (b) Sum-of-the-years'-digits }\quad\quad\$\_\_\_\quad\$\_\_\_ (c) Declining balance $___$___\quad\quad\$\_\_\_\quad\$\_\_\_ (d) Productive output (Units: total estimated,20,000; actual 2001,4,000;2002,2,000)$___$___2001,4,000 ; 2002,2,000 ) \ldots\quad\quad\$\_\_\_\quad\$\_\_\_

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\[\begin{array} { c | l }
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