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Question - On January 1, 2018, Mr. Brightside Company purchased machinery costing $146,000 and incurred $5,000 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $10,000. The company uses the straight-line method of depreciation. At the end of 2019, Mr. Brightside recorded depreciation and assessed the asset, determining a recoverable amount of $122,000. Mr. Brightside sold the equipment to When You Were Young Corporation on June 30, 2020, for $120,000. Prepare the necessary entries for 2019 and 2020 assuming Mr. Brightside has a December 31 year-end.

Reference no: EM132569953

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