On January 1, 2017, Extensive Manufacturing purchased a machine for $580,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $100,000. Extensive Manufacturing used the machine for two years and sold it on January 1, 2019, for $260,000. As of December 31, 2018, the accumulated depreciation on the machine was $240,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. Extensive Manufacturing will record a loss of $ 80,000 on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date 2019 Jan 1 Accounts Cash Accumulated Depreciation. Loss on Sale of Machinery Machinery i Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019. Debit Credit

Q: Yuduryhej rjj

A: feel free to ask me any question within my capacity and I'm willing to help.

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: Describe the functions and powers of ASIC

A: Australian securities and investment commission is a commission made in 1998 of Australian…

Q: How to calculate PMT,  P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: Define Factoring.

A: Accounts Receivable: It refers to the amount of money due to the company from the debtors.

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity…

Q: lanagemenl A ler

A: The right answer is option a. cost centre

Q: Define customers

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Mamuțelerăit puiul de om

A: Mowgli, the human cub found by the wolves in 'The Jungle Book', is described as a very small and…

Q: Format m dalna chaiye tha

A: A journal entry is a type of process of recording business transactions in the books of the company.…

Q: 1. Descibe JIT production and its features.

A: Just in time production represents the reduction in labor, material, and time so that the cost could…

Q: Describe about the NOL.

A: NOL means Net Operating Loss. This is a situation when company's deductions are more than it's…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: I need exact interest

A: Solution:Exact interest method is based on 365 days in a year.As per exact interest method,Interest…

Q: Describe the features of JIT.

A:

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.