Act-cp2 Assignments.pdf Adobe Acrobat Reader DC Home Tools Act2-Chpt2 Asg. * Zoom 02:17:11 Thomasville Furniture purchased a used machine for $83,500 on January 2, 2011. It was repaired the next day at a cost of $3,420' and installed on a new fratiorm that cost 51,080. The company predicted that the machine would be used for six years and would then have a 3T4,800-residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2011. On September 30, 2016, it was retired. Required 1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid. Prepare entries to record depreciation on the machine on December 31 of its first year and or September 30 in the year of its disposal (round calculations to the nearest whole dollar). 3. Prepare entries to record the retirement of the machine under each of the following unrelatec assumptions: a. It was sold for $15,000. b. l vas sold for $19,500. c. I was destroyed in a fire anale insurance company paid $18,400 in full settlemen of the loss claim. Unmute Start Video Share Participar