On January 1, Year 1, Alabama Company purchased a machine for $26,000. The machine has an estimated useful life of 4 years and an estimated salvage value of $6,000. What is the book value of the machine reported on Alabama's balance sheet as of December 31, Year 1?
A. $15,000
B. $21,000
C. $26,000
D. $19,500
Answer: B
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Answer the following statement true (T) or false (F)
Ramos Corporation uses the physical-units method to allocate costs among its three joint products: X, Y, and Z. The following data are available for the period just ended: Joint processing cost: $800,000Total production: 150,000 poundsShare of joint cost allocated to X: $160,000Share of joint cost allocated to Y: $400,000Which of the following statements is true?
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