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1.) ( first picture is all fhe information you need to journal the THREE machines) 2.) Help me figure out what im missing At the

1.)
( first picture is all fhe information you need to journal the THREE machines)
image text in transcribed
image text in transcribed
2.)
Help me figure out what im missing
image text in transcribed
At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A $20,500 750 550 320 Machine B $11,000 800 600 1,800 Machine $10,700 600 1,000 880 By the end of the first year, each machine had been operating 4,000 hours. Required: 1. Compute the cost of each machine 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Machine Estimates Life Residual value 5 years $1,400 20,000 hours 1,400 10 years 1,400 Depreciation Method Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Machine A Machine B Machine C Cost of Machine $ 21,800 $ 12,400 $ 12,300 Required 1 Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account held.) View transaction list View Journal entry worksheet No Transaction General Journal 1 No Transaction Recorded Debit Credit During the current year, Rayon Corporation disposed of two different assets. On January 1. prior to their disposal, the accounts reflected the following: Ansat Machine Machines Original Cost $63,000 14,500 Residual Value $11,300 2,150 Estimated Isite 6 years 5 years Accumulated Depreciation (straight-line) $25,850 (3 years) 7,410 (years) The machines were disposed of in the following ways: a Machine A Sold on January 2, for $39,000 cash. b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1.82. Give the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. Date No 1 Debit General Journal No Journal Entry Required Credit January 02 2 January 02 Cash Accumulated Depreciation Equipment Equipment OOO 39,000 25,850 63,000 3 January 02 No Journal Entry Required 4 January 02 Accumulated Depreciation Equipment Loss on Disposal Equipment 000 7,410 14,500 14,500

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