On Jan 1^st 2021, Murasaki Inc. purchased a printing press for $350,000 cash. The printing press is estimated to have a 5 year useful life and $110,000 residual value. Murasaki Inc. uses the SYD method of depreciation for this printing press. Assuming that Murasaki Inc. prepares financial statements once very year on Dec 31^st:

Provide the journal entries associated with depreciation for this printing press that Murasaki Inc recognizes on Dec 31^st 2021? 

On Jan 1^st 2023, Murasaki Inc. switches from SYD to straight-line depreciation for this printing press. Murasaki expects to use this printing press until Dec 31^st 2024 and the new estimation of residual value for the machine is $50,000. 

Provide the journal entries associated with the depreciation of this printing press on Dec 31^st 2023. 

Answer rating: 100% (QA)

ANSWER 1 Depreciation recognized on Dec 31st 2021 Sum of ye... View the full answer