Image transcription text Faubert Company began operations on January 1, Year 1. The company has

Image transcription text
Faubert Company began operations on January 1, Year 1. The company has
drafted its Year 5 comparative financial statements. Adjusting Journal Entries
have been recorded; the Year 5 books are still open. Faubert will b…
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h. Faubert exchanged an old machine for a similar machine on December 31,
Year 5. Original cost of the old machine was $66,000; Updated accumulated
depreciation was $30,000. The newer machine had a fair value of …
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Faubert Company Balance Sheets December 31, December 31, Year 5 Year 4
Assets Current Assets Cash and Equivalents $580,100 $340,000 Receivables
(net of allowance) 220,500 196,000 Inventories 85,000 75,000 Pre…
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