Please if you can exaplain step by STEP and the t account that would be helpful Masco industries , a new york corporation , purchased a machinery from Canton , Ohio on April 1, 2013 . The purchase price was $950,000. The machinery had an estimated usefullife of 10 years . The estimated residual value is $50,000 . Masco uses straight line depreciation method . The following cost were incured Shipping cost 20,000 Insurance in transit 4,000 instalation cost 10,000 NYS insepction fee 1,000 the machinery was deemed to be impared on december 31 2017 . The loss on impairement was 15,000,00 Masco sold the equipment for 40,000,000 on july 1 2018 . REQUIREMENT : CREATE A COMPLETE SET OF ACCOUNTING RECORDS INCLUDING JOURNAL ENTIES AND THE GENERAL LEDGER ACCOUNTS .