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Record depreciation up to date of sale

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Question - DDB Depreciation and Sale of Asset - On 04/01/20 XYZ Company acquired a new Widget Machine for $800,000. The machine has a residual value of $80,000 and an estimated life of 5 years.

Required -

1) Compute the Estimated Depreciation using the DDB Method for year 2020.

2) On 07/01/21, the Machine was sold for $600,000. Record Depreciation up to date of sale and the Journal Entry for the disposition.

Reference no: EM132859118

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