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Prepare journal entry to record the depreciation on may

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On Jan 1 2016, Jazzy airlines purhcased a de-icing machine for its planes at a cost of 53000. the machine is expected to last 4 years with a 78000 residual valyue. On may 8, 2917 the machine was sold for 295000. Jazzy uses straight line depreciation to the nearest month to depreciate the type of asset. Jazzy airline has Dec 31 year end

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Question 1: Prepare journal entry to record the depreciation on May 8 2017

Question 2: Prepare journal entry to record the sale of the machine on May 8 2017

Reference no: EM132557595

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