Homework Answers
Depreciation p.a = (Cost of Assets - Salvage Value) / Useful Life
= ($350,000 - $15,000) / 10 Years
= $335,000 /10
= $33,500
Depreciation p.a = $33,500
1) The gain or loss on sale of machine is calculated as follows:
| $ | |
|---|---|
| Cost of Machine Purchased on January 1,2015 | 350,000 |
| Less: Depreciation | (33,500) |
| Book Value of Machine on December 31, 2015 | 316,500 |
| Less: Depreciation | (33,500) |
| Book Value of Machine on December 31, 2016 | 283,000 |
| Less: Depreciation | (33,500) |
| Book Value of Machine on December 31, 2017 | 249,500 |
| Less: Depreciation | (33,500) |
| Book Value of Machine on December 31, 2018 | 216,00 |
| Less: Depreciation | (33,500) |
| Book Value of Machine on December 31, 2019 | $182,500 |
| Sale of Machine | $190,000 |
| Gain on Sale of Machine | $7,500 |
2) Journal entry to record the sale of the machine is as follows:
| Date | Account and Explanation | Debit($) | Credit($) |
|---|---|---|---|
| December 31, 2019 | Cash | 190,000 | |
| Accumulated Depreciation | 167,500 | ||
| Gain on Sale of Machine | 7,500 | ||
| Machine (Cost) | 350,000 | ||
| (Recorded the sale of the machine ) |
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