Reference no: EM133145753
Question - Harrison, Inc. purchased a new machine on January 3, 2018, at a cost of $280,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $40,000.
Required -
a. Prepare a complete depreciation schedule, beginning with calendar year 2018, under each of the methods listed below: Prorate to the nearest month. 1. Straight-line 2. 200 percent declining-balance.
b. Assume that Sanford, Inc. sells the machine on December 31, 2021, for $40,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a.
c. Record the journal entry for the sale of the asset under both methods.
d. Which of the two methods computed in part a is most common for financial reporting purposes? Explain.
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