What are the journal entries that is required to be recorded for both 2019 and 2020?

Ming Company brought a machine on 1 Jul 19 for $90,000. It incurred an additional $2,000 in freight charges to import the machine to Country X. Assume these are paid in cash. The machine has a useful life of 4 years and a residual value of $10,000. The company adopts the straight line method of depreciation and the financial year ends on 31 Dec.

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Okay lets go through the journal entries required for both 2019 and 2020 for the machine purchase by ... View the full answer