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Prepare the journal entry for the purchase of the machine

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Reference no: EM132885014

The company purchased a machine on 1 January 2018. The information of the machine is as follows:

Costs on Acquisition on 1 January 2018:

Machine Cost (paid in cash by purchaser)       $35,000

Import Tax (paid in cash by purchaser)           $3,000

Delivery Fees (paid in cash by purchaser)       $2,000

Depreciation Method:

Reducing balance method at the rate of 25%

Residual value:   $8,000

Useful Life:  6 Years

Problem 1. Prepare the journal entry for the purchase of the machine.

Problem 2. Calculate the depreciation expense for the year ended Dec. 31, 2019.

Problem 3. On 1 January 2020, the machine was sold for $12,000. Prepare the journal entry for this sale.

Reference no: EM132885014

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