Dewey Corporation purchased a machine for $340,000 on January 1, 2012. The machine had an estimated useful
Fantastic news! We've Found the answer you've been seeking!
Question:
Dewey Corporation purchased a machine for $340,000 on January 1, 2012. The machine had an | ||||||||||
estimated useful life of 12 years and an estimated residual value of $40,000. The machine was | ||||||||||
depreciated using the straight-line method. | ||||||||||
On April 1, 2021, the company no longer needed the machine and sold it for $80,000. Dewey takes | ||||||||||
a half-year depreciation for the year an asset is disposed. | ||||||||||
a. What is the book value of the machine at the end of 2020? | ||||||||||
b. Calculate and record the depreciation for 2021 in the journal provided. | ||||||||||
c. Calculate the book value of the machine at the time of sale. | ||||||||||
d. Record the sale of the machine on April 1 in the journal provided. |
Related Book For
Posted Date: