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Category > Accounting Posted 29 Jul 2017 My Price 11.00

Savage Corporation

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.

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Maurice Tutor
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Status NEW Posted 29 Jul 2017 09:07 PM My Price 11.00

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