On 3 January 2023, Bennetti Ltd paid ($33) 000 for a machine with a useful life of

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On 3 January 2023, Bennetti Ltd paid $$33$ 000 for a machine with a useful life of 10 years and a residual value of $$3000$. On 31 December 2027, accumulated depreciation on the machine was $$15$ 000. The machine was sold on 31 May 2025. Ignore GST.

Required

(a) Prepare a general journal entry to record depreciation on the machine for the five months in 2025. Use the straight-line depreciation method

(b) Prepare an entry to record the sale of the machine on 31 May 2025 assuming a selling price of:

i. $$16$ 000 ii. $$17$ 800.

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Accounting

ISBN: 9780730382737

11th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie

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Question Posted: Apr 25, 2024 06:02 AM

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On 3 January 2023, Bennetti Ltd paid ($33) 000 for a machine with a useful life of

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Accounting

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