Reference no: EM132768370
Question - On January 1, 2017, Marin SA purchased the following two machines for use in its production process.
Machine A: The cash price of this machine was R$39,900. Related expenditures included: sales tax R$2,800, shipping costs R$140, insurance during shipping R$110, installation and testing costs R$50, and R$130 of oil and lubricants to be used with the machinery during its first year of operations. Marin estimates that the useful life of the machine is 5 years with a R$4,200 residual value remaining at the end of that time period. Assume that the straight-line method of depreciation is used.
Machine B: The recorded cost of this machine was R$83,200. Marin estimates that the useful life of the machine is 4 years with a R$5,200 residual value remaining at the end of that time period.
Required - Prepare the following for Machine A.
1. The journal entry to record its purchase on January 1, 2017.
2. The journal entry to record annual depreciation at December 31, 2017.
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