XYZ company purchased a new machine on July 1, 2021, at a cost of €50,000. The company estimated that the machine will have a residual value of €10,000. The machine is expected to be used for 10,000 working hours during its 5‐year life. After 6 months, it has been used for 2500 hours and company decides to sell it for 55000. No depreciation has been recorded for the machine. The blank on disposal is .....blank.... and the journal entry would require a debit entry of .....blank.... to depreciation expense.
XYZ company purchased a new machine on July 1, 2021, at a cost of €50,000. The company estimated that the machine will have a residual value of €10,000. The machine is expected to be used for 10,000 working hours during its 5‐year life. After 6 months, it has been used for 2500 hours and company decides to sell it for 55000. No depreciation has been recorded for the machine. The blank on disposal is .....blank.... and the journal entry would require a debit entry of .....blank.... to depreciation expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Filll the blanks
XYZ company purchased a new machine on July 1, 2021, at a cost of €50,000. The company estimated that the machine will have a residual value of €10,000. The machine is expected to be used for 10,000 working hours during its 5‐year life. After 6 months, it has been used for 2500 hours and company decides to sell it for 55000. No
The blank on disposal is .....blank.... and the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education