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A company purchased a machine at the cost of $675,900 on Feb 1 of year 1. On the same day, the business paid the shipping company $7,500 to deliver the machine and paid $16,400 to another business to install and test the new machine. The annual insurance policy for the new machine is $8,600. The company's fiscal year end is October 31.
Problem (a) Prepare the journal entries to record the purchase of the machine and year-end adjusting entries for year 1 and Year 2. Not necessary to prepare the adjusting entry to record insurance expense.
Problem (b) Show the presentation of the machine in the balance sheet, year-end, year 2.
Problem (c) Prepare the journal entry(s) to record the sale of the machine.
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