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What is the journal entry for the acquisition

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Question - On January 1, 2021, the Dayton Auto Parts Company acquired nine identical assembly robots for a total of $594,000 cash. The robots had an expected useful life of 10 years and an expected residual value of $54,000 in total. Dayton uses straight-line depreciation.

1. What is the journal entry for the acquisition?

2. What is the journal entry for the first annual depreciation charge?

3. On December 31, 2023, Dayton sold one of the robots for $42,000 in cash. The robot had an original cost of $66,000 and an expected residual value of $6,000. Prepare the journal entry for the sale.

4. Refer to requirement 3. Suppose Dayton had sold the robot for $52,000 cash instead of $42,000. Prepare the journal entry for sale.

Reference no: EM133157120

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