At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc....

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At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines Immed Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Ma

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Answer 1

Answer #1

1) Cost of machine

	Machine A	Machine B	Machine C
Amount paid	20500	11000	10700
Installation Cost	750	800	600
Renovation Cost	550	600	1000
Total Cost	21800	12400	12300

Journal entry

No	Date	General Journal	Debit	Credit
		Depreciation expense	8740
		Accumulated depreciation-Machine A (21800-1400/5)		4080
		Accumulated depreciation-Machine B (12400-1400/20000)*5000		2200
		Accumulated depreciation-Machine C (12300*20%)		2460

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Answer 2

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