Homework Answers
| a | ||||
| Description | Debit | Credit | ||
| 1/2/2016 | Machinery | 89500 | =85000+2000+2500 | |
| Cash | 89500 | |||
| b | ||||
| Description | Debit | Credit | ||
| 12/31/2016 | Depreciation expense | 16500 | =(89500-7000)/5 | |
| Accumulated Depreciation | 16500 | |||
| c | ||||
| Description | Debit | Credit | ||
| 12/31/2019 | Cash | 12000 | ||
| Accumulated Depreciation | 66000 | =16500*4 | ||
| Loss on sale of Machinery | 11500 | |||
| Machinery | 89500 |
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