Question: please solve the journal entries i need answer now Take me to the text On July 1, 2012, Pony Boy's Soda Pop purchased a new


please solve the journal entries i need answer now
Take me to the text On July 1, 2012, Pony Boy's Soda Pop purchased a new bottle-sealing machine for $135,600. The machine had an estimated useful life of 10 years and is expected to have no residual value. Assume that the company has adopted a partial-year depreciation policy, where depreciation is taken on a monthly basis. The company uses straight line depreciation. The fiscal year-end for Pony Boy's Soda Pop is December 31. On November 1, 2020 Pony Boy's Soda Pop traded this machine for a new machine. The price tag on the new machinery is $145,600. In return for the old machine that Pony Boy's Soda Pop is giving up, the supplier of the new machine agrees to take $45,600 off the price of the new machine even though the fair value of the old machine on the day of the trade is only $27,600. Required a) Prepare the depreciation table over the life of the old machine. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2012 $135,600 $6780 $ 6780 $ 128820 > 2013 $135,600 $13560 $ 20340 2014 $135,600 $ 13560 Correct Mark 1.00 out of 1.00 $ 33900 2015 $135,600 $13560 $ 47460 $ 88140 2016 $135,600 $13560 $ 61020 $ 74580 2017 $135,600 $13560 > $ 74580 $ 61020 2018 $135,600 $ 13560 $ 88140 $ 47460 2019 $135,600 $13560 $ 101700 $ 33900 > 2020 $135,600 $ 11300 $ 113000 $ 22600 b) Write the journal entry to record the machine exchange. Assume the company immediately paid for the new machine. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 Accumulated Depreciation 113000 Machine (New) Cash 100000 Gain on Exchange of Asset Machine (Old) 135600 To record the exchange of bottle-sealing machine
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