On March 1, 2023, Sunland Ltd. purchased a machine for $63,000 by paying $21,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,300. Sunland Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2025, the machine was sold for $59,000. (a) Your answer is incorrect. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Mar. 1, 2023 Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment Debit 12,600 Credit

On March 1, 2023, Sunland Ltd. purchased a machine for $63,000 by paying $21,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,300. Sunland Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2025, the machine was sold for $59,000. (a) Your answer is incorrect. Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Mar. 1, 2023 Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment Debit 12,600 Credit

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Description: On March 1, 2023, Sunland Ltd. purchased a machine for $63,000 by paying $21,000 down and issuing a note for the balance. Themachine had an estimated useful life of nine years and an estimated residual value of $6,300. Sunland Winds uses the straigh

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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