Portland Products purchased a machine on January 1, 2017, for $60,000 and estimated its useful life and
Question:
Portland Products purchased a machine on January 1, 2017, for $60,000 and estimated its useful life and salvage value at five years and $12,000, respectively. On January 1, 2020, the company added three years to the original useful-life estimate.
a. Compute the book value of the machine as of January 1, 2020, assuming that Portland uses the straight-line method of depreciation.
b. Prepare the journal entry entered by the company to record depreciation on December 31, 2020.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a Accumulated Depreciation AD of 2020 is computed using the equati...View the full answer
Answered By
Abdullah Waseem
Hello! I’m Abdullah Waseem! I have completed my graduation in Accounting & Finance from the University of Central Punjab, Lahore. I specialize in Finance, Accounting, Business, Management, Marketing, and Auditing. I have many experiences working as a content developer/writer. I have completed many projects for my clients and I have completed many assignments/expert questions for students globally. I always look for opportunities and for better growth. I’m sure that I will work efficiently with your online website. I have been online tutoring since I was doing my degree. I've helped so many students achieve their academic goals year after year. I always feel good while tutoring the students and providing help to complete their requirements. I can help you in completing the assignments and different projects. I am looking forward to working for you and being able to meet your work requirements and hope to work with you soon as well.
0 Reviews
10+ Question Solved
Related Book For 
Question Posted:
