Homework Answers
Depreciation expense = (44-2)/10 = 4.20 per year
Accumulated depreciation (2018 to 2020) = 4.2*3 = 12.60
2021 Depreciation expense = (44-12.60-2)*7/28 = 7.35
| Date | account and explanation | Debit | Credit |
| 2021 | Depreciation expense | 7.35 | |
| Accumulated depreciation-Machine | 7.35 | ||
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years’-digits method. The residual value is expected to be $3 million. At the beginning of 2018,...
years’-digits method. The residual value is expected to be $3
million. At the beginning of 2018, Irwin decided to change to the
straight-line method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2018.(If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered as 5.5).)
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transaction/event, select "No journal entry required" in the first
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I will give thumbs up for correct answers! Thank you!
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