Question: Problem #4 West & Co. purchased a machine on Jnuary 2, 2019 for $120,000. The useful life is deemed to be 10 years and the

Problem #4 West & Co. purchased a machine on Jnuary 2,

Problem #4 West & Co. purchased a machine on Jnuary 2, 2019 for $120,000. The useful life is deemed to be 10 years and the residual value is estimated to be $12,000 at the end of the 10 years. A. Prepare the journal entry for the purchase of the machinery, assumed it was bought for cash B. What is the annual depreciation for each of the 10 years of the life of the machinery? C. Assuming that after 10 years the company sells the machine for $8,000, what is the journal entry to record the sale of the equipment

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