On 1/1/2022 - Rami purchased a new machine paying $30,000 cash along with voyage insurance $1000,...

 

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On 1/1/2022 - Rami purchased a new machine paying $30,000 cash along with voyage insurance $1000, Freight charges $2000, and installation $2000. a) what is the accounting entry on 1/1/2022 for the purchase of the machine? b) what is the adjusting entry on 31/12/2022 and 31/12/2023 if Rami uses straight line method to depreciate the above machine over 5 years using salvage value of $5000? c) what would the adjusting entry have been on 31/12/2022 and 31/12/2023 if Rami used double declining method to depreciate the above machine over 5 years using salvage value of $5000? On 1/1/2022 - Rami purchased a new machine paying $30,000 cash along with voyage insurance $1000, Freight charges $2000, and installation $2000. a) what is the accounting entry on 1/1/2022 for the purchase of the machine? b) what is the adjusting entry on 31/12/2022 and 31/12/2023 if Rami uses straight line method to depreciate the above machine over 5 years using salvage value of $5000? c) what would the adjusting entry have been on 31/12/2022 and 31/12/2023 if Rami used double declining method to depreciate the above machine over 5 years using salvage value of $5000?

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a Crit ically analyse the strengths and weaknesses of one of the current frameworks or set of standards designed to increase transparency on sustainability issues U pper limit 1 000 words excluding re... View the full answer