slotkin products purchased a machine for $65,000 on 1 July 2020. The company intends to depreciate...
slotkin products purchased a machine for $65,000 on 1 July 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000.
1. Calculate depreciation expense for 2020.
2. Prepare journal entry to record the sale of the machine 31 December 2021 for $50,000.
Homework Answers
| 1/8*2 | |||||||
| 25% | |||||||
| 1) | Depreciation expense for 2020 | ||||||
| 65000*25%*6/12 | |||||||
| 8125 | |||||||
| 2) | Journal Entry | ||||||
| Account & titles | Debit | Credit | |||||
| Cash | 50,000 | ||||||
| Accumulated dep | 22344 | ||||||
| Gain on disposal | 7,344 | ||||||
| Machine | 65,000 | ||||||
| dep for 2021 | |||
| (65000-8125)*25% | |||
| 14219 | |||
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