At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage,...

 

 

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At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Machine A $ 25,500 700 4.500 Machine B S 34,900 2,500 2,600 By the end of the first year, each machine had been operating 6,300 hours. Machine C $ 12,000 1,400 2,600 P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine A В C Life years 73,000 hours 5 years View transaction list < Journal entry worksheet 1 Residual Value $2.700 3.500 2 800 Record the depreciation expense for year 1.. Note: Enter debits before credits. Transaction 1 Depreciation Method Straight-line Units-of-production Double-declining-balance Record entry General Journal Clear entry Debit Credit View general journal At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Machine A $ 25,500 700 4.500 Machine B S 34,900 2,500 2,600 By the end of the first year, each machine had been operating 6,300 hours. Machine C $ 12,000 1,400 2,600 P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine A В C Life years 73,000 hours 5 years View transaction list < Journal entry worksheet 1 Residual Value $2.700 3.500 2 800 Record the depreciation expense for year 1.. Note: Enter debits before credits. Transaction 1 Depreciation Method Straight-line Units-of-production Double-declining-balance Record entry General Journal Clear entry Debit Credit View general journal

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4 6 Computing COST Page1 WORKING Machine A Purchase amount 22900 Installation CoSTS 1900 Reno... View the full answer