Question: Hey, I'm not too sure why this is wrong.. Can you please help me? Thank youu! Return toc At the beginning of the year, Grillo
Hey, I'm not too sure why this is wrong.. Can you please help me? Thank youu!


Return toc At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. points Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A $9,000 800 600 500 Machine B $38,200 2,100 1,700 600 Machine C $22,000 1,200 2,200 700 By the end of the first year, each machine had been operating 8,000 hours. Required: 1. Compute the cost of each machine. 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Machine Estimates Life Residual Value Depreciation Method 4 years $1,000 Straight-line 30,000 hours 4,500 Units-of-production 10 years 1,400 Double-declining-balance * Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Machine A Machine B Machine C Cost of Machine $ 10,900 % $ 42,000 $ 25,400 Required 1 Required 2 > Required 1 Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) : No Transaction Credit Debit 18,755 General Journal Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C 2,475 X 11,200 X 5,080
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
