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How much is the accumulated depreciation

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Question - Alpha Company purchased a machine on January 1, 2017, for $70,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Alpha sold the machine on January 1,2021 for $10,000. Alpha uses the double declining method for depreciation. Using this information, how much is: (enter whole dollars only, for loss amounts enter the $ & value inside of the brackets.)

1. The 2020 depreciation expense.

2. The accumulated depreciation after the fiscal year 2020 adjusting entry.

3. The book value of the machine after adjusting entry made on December 31, 2020.

4. The gain/loss for the equipment sale entry made on January 1, 2021.

Reference no: EM132177696

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