On September 1 of year 1, a machine is purchased that costs $75,000. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double declining balance depreciation is used. If the machine is sold on December 31, Year 3 for $13,000,what is the journal entry to record the sale?

 

Answer rating: 100% (QA)

To record the sale of the machine on December 31 Year 3 the journal entry would involve recognizing ... View the full answer