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Prepare a journal entry to record depreciation expense

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Reference no: EM133007097

Question - On 1 October 2020, Hilton Manufacturing Ltd purchased a new machine with a list price of $527 600. Freight costs of $10 560 and installation costs of $12 440 were also paid by cash. The machine has a useful life of 10 years, and residual value at the end of its useful life of $24 000. Ignore GST.

Required -

(A) Determine the amount that should be debited to the machinery account (show the calculation) and prepare a general journal entry to record the purchase.

(B) Determine the amount of depreciation expense for the year ending 30 June 2021 assuming use of the straight-line depreciation method.

(C) Prepare a journal entry to record depreciation expense for the year ending 30 June 2021 under the straight-line depreciation method.

Reference no: EM133007097

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