At the beginning of the year, Young Company bought three used machines from Vince, Inc. The...

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At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhau

Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entry to record

business accounting

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Answer 1

Answer #1

1) Cost of machine

	Cost of machine
Machine A	7750+350+1800 = 9900
Machine B	25900+750+1350 = 28000
Machine C	9600+650+1450 = 11700

2) Journal entry

Date	account and explanation	Debit	Credit
Dec 31	Depreciation expense (11700/3)	3900
	Accumulated depreciation-Machine C		3900

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Answer 2

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