Question $6$

On January $1,2023,$ Hashan Co ordered a new machine to help increase production for one of its

most popular products. The machine had an invoice price of $$40,000$ and Hashan Co was required

to pay shipping $($$$1,500)$ and insurance during shipping $($$$400)$ by boat from British Columbia to

Toronto. The machine arrived on January $5,2023$ and was installed at a cost of $$900$ and calibrated

and tested for a cost of $$300.$ On February $1,2023$ it was put into operation. Hasan Co's fiscal year

runs from January to December. Round all final answers to the nearest dollar.

The machine was expected to last $10$ years with a salvage value of $$2,500.$ Prepare the journal entry

to record depreciation for $2023$ using the double$-$declining balance method of depreciation.