On january 1, 2021, abc company purchased a piece of machinery for $80,000. the machine had an estimated useful life of 10 years and a $5,000 residual value. on january 1, 2025, abc company determined the life of the machine should be revised from 10 years to 20 years and the residual value adjusted to $1,000 at the end of the twenty years. assume abc company depreciates its assets using the double declining balance method of depreciation. calculate the amount of accumulated depreciation related to the machine that would appear in abc's december 31, 2024 balance sheet.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)