Question: A business purchased a machine for $ 4 8 , 0 0 0 . The machine has an economic life of eight years. After using

A business purchased a machine for $48,000. The machine has an economic
life of eight years. After using for six years, the machine was sold for
$11,400. Please prepare depreciation schdule using straight line method of
depreciation. Also prepare the closing entry upon sale of the machine.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

5.3 Calculate the Net Present Value of each machine. (5 marks) 5.4 Which machine should be chosen if the time value of money is taken into account? Why? (1 marks) 5.5Calculate the Internal Rate of...

Q:

QUESTION 2 Skylet Limited intends purchasing a new automobile service machine and has a choice between the following two machines: Machine E Machine F Initial cost R400 000 R440 000 Expected economic...

Q:

2 Skylet Limited intends purchasing a new automobile service machine and has a choice between the following two machines: Machine E Machine F R440 000 Initial cost R400 000 Expected economic life 5...

Q:

please assist me with the questions Calculation Payback, ARR for machine A and NPV for both machines and choose the best machine Machine E Machine F Initial cost R400 000 R440 000 Expected economic...

Q:

please assist me with the questions below. Toyota intends purchasing a new new automobile service machine and has a choice between the following Machine E Machine F Initial cost R400 000 R440 000...

Q:

management of She corp is considering whether to purchase a new model 3 machine costing $ 4 8 0 , 7 0 0 or a new model 2 2 0 machine costing $ 4 2 4 , 5 0 0 to replace a machine that was purchased 6...

Q:

please help with the assignment to answer the following question : Which currency is Open Safari's presentation currency? Which currency is Open Safari's functional currency? Note: you will need to...

Q:

Sesi 2. Question to be discussed Are the trained staff assets of Open Safari? (Note: Open Safari has incurred significant staff training costs and some staff possess specialised skills that are...

Q:

there are 5 photos for this problem, the last photo is Lidia's transactions that were recorded File Away is a local Professional Organizing Company, specializing in decluttering your home, work, and...

Q:

CASE 49 ALPINE PRESS background "There are 8,264 different types of errors you can make in a printing job," Jim Crandall has been heard to say. "And over the years I guess I've made nearly every one...

Q:

What are the distinguishing characteristics of capital-budgeting decisions?

Q:

How to define the human cell given as a result of karyopsy analysis below. 3) ( ic ${ 20 22 Y 47,XYY 47,XXY A C 47,XX,+18 47,XY,+13

Q:

Bonds payable are usually classified on the balance sheet as: Multiple Choice 0 2 : 7 1 : 3 1 current liabilities. long - term liabilities. investments and funds. other assets.

Q:

\f

Q:

(Appendices) During the 20072009 recession, debate in the U.S. Senate over an extension of unemployment benefits to workers who had exhausted their benefits was often heated and contentious. A...

Q:

(Appendices) Courtney, age 22, is a junior at a large midwestern university. In late March, she filed applications for summer jobs with three companies. However, she does not want to start work until...

Q:

(Appendices) Some states have second-injury funds in their workers compensation programs. However, in recent years, a number of states have terminated such funds.LO6 a. How does a second-injury fund...