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Category > Accounting Posted 01 Jun 2017 My Price 6.00

The Savage Corporation purchased three milling machines on January 1

 

The Savage Corporation purchased three milling machines on January 1, 2013 and immediately placed them in service. The following information relates to these purchases:

 

The company uses the straight-line method of depreciation, and records ½ year depreciation in the years of acquisition and disposal. On January 1, 2018, machine 1 was sold for $500. On the same day, management re-evaluated the estimated useful lives and the residual values of the remaining machines. They came to the conclusion that machine 2 had a remaining useful life of two years (that is, to December 31, 2019), while residual value remained unchanged. Machine 3 had a remaining useful life of five years (that is, to December 31, 2022) but now no residual value.

Required: Prepare journal entries

1. To record the sale of machine 1 on January 1, 2018.

2. To record the revised 2018 depreciation expense for machine 2.

3. To record the revised 2018 depreciation expense for machine 3.

 

 

 
 

Answers

Alpha Geek
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Status NEW Posted 01 Jun 2017 11:06 AM My Price 6.00

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file 1496317942-Answer.docx preview (275 words )
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