Sarasota Company purchased a machine at a cost of $90,500. The machine is expected to have a $5,400 salvage value at the end of its 5-year useful life. (a) Compute annual depreciation for the first and second years using the straight-line method. Straight-line method $ Save for Later Year 1 Year 2 Attempts: 0 of 1 used Submit Answer

Sarasota Company purchased a machine at a cost of $90,500. The machine is expected to have a $5,400 salvage value at the end of its 5-year useful life. (a) Compute annual depreciation for the first and second years using the straight-line method. Straight-line method $ Save for Later Year 1 Year 2 Attempts: 0 of 1 used Submit Answer

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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Required information Skip to question [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $ 8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17, 280 salvage value. Straight line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24, 500 cash and (b) it is sold for $98, 000 cash.
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