Vita Water purchased a used machine for $ on January It was repaired the next day at a cost of $ and installed on a new platform that cost $ The company predicted that the machine would be used for six years and would then have a $ residual value. Depreciation was to be charged on a straightline basis to the nearest whole month. A full years depreciation was recorded on December On September it was retired.

Prepare entries to record the retirement of the machine under each of the following unrelated assumptions:

a It was sold for $

b It was sold for $

c It was destroyed in a fire and the insurance company paid $ in full settlement of the loss claim.

Answer rating: 100% (QA)

a Retirement of the machine sold for 20000 On September 30 2028 1 Record the depreciation expense fo... View the full answer