The following balances are extracted from the budget of a commercial establishment on 1/1/2019: $1,800,000 machines, $360,000
Fantastic news! We've Found the answer you've been seeking!
Question:
The following balances are extracted from the budget of a commercial establishment on 1/1/2019: $1,800,000 machines, $360,000 machines depreciation complex. If you know that: The business has three machines of equal value that were purchased on the same date. The depreciate at a rate of 10% annually and there is no value for waste on 9/1/2019 One of the machines was sold for cash at an amount of $500,000
Required:
1. Determine the date of purchase of the machines
2. Recording the necessary accounting entries on 9/1/2019
3. A statement of how the machines are displayed in the facility’s balance sheet on 3-31/12
Expert Answer:
Posted Date:
