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Make journal entries to record the purchase of the assets

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Reference no: EM132678208

2018

Jan. 4 Purchased from Brampton Ltd a bottle washer (Serial No. 17538X) for $40,000 cash (net of GST). The useful life of the machine is 5 years and its residual value is expected to be $7,000.

April 10 Purchased from Granada Ltd a dryer (Serial No. PY43121) for $36,000 cash (net of GST). The machine has a useful life of 6 years and a residual value of $8,000.

Problem A. Prepare journal entries to record the purchase of the assets and to record depreciation expense on 30 June 2018 and 2019, the end of the company's reporting periods

Reference no: EM132678208

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