A company purchased and installed Equipment on January 1 at a total cost of $217,900. Straight-line depreciation was calculated based on the assumption of an eight- year life and $4,900 salvage value. The Equipment was disposed on December 31 of year six. The company uses the calendar year. 1. Prepare the general journal entry to update depreciation to December 31 of Year 6. (Hint: Consider how many years have passed and therefore depreciated.) 2. Prepare the general journal entry to record the sale of the machine for $36,000 cash. Prepare a table for the journal entries and show your work for partial credit.

A company purchased and installed Equipment on January 1 at a total cost of $217,900. Straight-line depreciation was calculated based on the assumption of an eight- year life and $4,900 salvage value. The Equipment was disposed on December 31 of year six. The company uses the calendar year. 1. Prepare the general journal entry to update depreciation to December 31 of Year 6. (Hint: Consider how many years have passed and therefore depreciated.) 2. Prepare the general journal entry to record the sale of the machine for $36,000 cash. Prepare a table for the journal entries and show your work for partial credit.

Name: 34 A company purchased and installed Equipment on January 1 at a total
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Description: 34 A company purchased and installed Equipment on January 1 at a total cost of$217,900.Straight-line depreciation was calculated based on the assumption of an eight-year life and $4,900 salvage value. The Equipment was disposed on December31 of year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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