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Compute the depreciation expense on a straight-line basis

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Reference no: EM132426683

Question - Please use an Excel sheet to complete the following two questions:

1) Your company purchased a $38,000 machine which will last 3 years and has a salvage value of $2,000 on January 1, 20x1. Compute the depreciation expense on a straight-line basis, the accumulated depreciation balance, and prepare journal entries for the same as of December 31, 20x1.

2) Your company decided that it will sell the asset on December 32, 20x2, at the end of the year following the purchase of the asset, for $10,000. Prepare the journal entries to record the sale of the asset including any gain or loss which may or may not be present.

Reference no: EM132426683

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