Business, 12.08.2020 21:01 jermiahj55
On July 1, Year 1, Yellow Rose Corp. paid $25,000 cash for a machine and paid an additional 8% sales tax. On the same date, an electrician was paid $1,000 to install custom switches to enhance the functionality of the machine. Yellow Rose estimates a five-year useful life, uses straight-line depreciation, and expects a $2,000 salvage value. The machine was placed in service on October 1, Year 1. Yellow Rose has a calendar year-end. On December 31, Year 2, the machine was sold for $14,000 cash. Depreciation expense for Year 2 was properly recorded. Use the data above to prepare each of the journal entries for Yellow Rose specified below.1. Prepare the journal entry to record the cost of the machine.2. Prepare the journal entry to record the Year 1 depreciation for the machine.3. Prepare the journal entry to record the sale of the machine.
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On July 1, Year 1, Yellow Rose Corp. paid $25,000 cash for a machine and paid an additional 8% sales...
English, 24.01.2020 20:31
English, 24.01.2020 20:31