At the beginning of the year, Grillo Industries bought three used machines. The machines immediately were...
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At the beginning of the year, Grillo Industries bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset $9,000 800 600 Installation costs Renovation costs prior to use Repairs after production began 500 5. Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of $42,000, an estimated life of 30,000 hours, $4,500 residual value, and actual year 2 use of 8,000 hours. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Vlew transaction list Journal entry worksheet A Record the year 2 depreciation expense for Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal At the beginning of the year, Grillo Industries bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset $9,000 800 600 Installation costs Renovation costs prior to use Repairs after production began 500 5. Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of $42,000, an estimated life of 30,000 hours, $4,500 residual value, and actual year 2 use of 8,000 hours. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Vlew transaction list Journal entry worksheet A Record the year 2 depreciation expense for Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal
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Journal entry of year 2 Depreciation Cost scrap value hours 4200045003000... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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