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On January 1, 2018, Phonetic 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, Phonetic recorded depreciation and assessed the asset, determining a recoverable amount of $122,000. Phonetic sold the equipment to Voilex Corporation on June 30, 2020, for $120,000.
Instructions
Question 1: Prepare the necessary entries assuming Phonetic has a December 31 year-end. (Show calculations.) 2018,2019, 2020
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