Field Instruments completed the following transactions and events involving its machinery.
2010 |
|
Jan.1 | Paid $106,600 cash plus $6,400 in sales tax for a new machine. The machine is estimated to have a six-year life and a $9,800 salvage value. |
Dec.31 | Recorded annual straight-line depreciation on the machinery. |
2011
|
|
Dec.31 | Due to new information obtained earlier in the year, the machine’s estimated useful life was changed from six to four years, and the estimated salvage value was increased to $13,050. Recorded annual straight-line depreciation on the machinery. |
2012
|
|
Dec.31 | Recorded annual straight-line depreciation on the machinery. |
Dec.31 | Sold the machine for $25,240 cash. |
Required
Prepare journal entries to record these transactions and events.
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