On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down...

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On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine) On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 View Policies Current Attempt in Progress On March 1, 2019, Zephur Winds Ltd. purchased a machine for $66,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,600. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $58,000. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2019 Record the depreciation expense for 2019 and 2020. prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2019 Dec. 31, 2020 Oct. 30, 2021 (To record depreciation expense) Oct. 30, 2021 (To record sale of machine)

Answer rating: 100% (QA)

Computation of Depreciation Expense for 2019 2020 as per DDB DDB Rate 1Useful Life X 2 ... View the full answer