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6. In recent years Howard Company has purchased two machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge

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6. In recent years Howard Company has purchased two machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below Useful Salvage Life (in Depreciation Machine Acquired Cost Value years) Method 1 Jan. 1, 2021 $170,000 $10,000 4 Straight-line 2 May 1, 2021 210,000 30,000 5 Straight-line Instructions (a) Prepare a complete depreciation schedule (all years) for Machine 1 and record the appropriate entries on Dec 31, 2021 and Dec. 31. 2022. (Round to zero decimal places.) Year Depreciation Expense Accumulated Depreciation Book Value Date Description Debit Credit (6) Prepare a complete depreciation schedule (all years) for Machine 2 and record the appropriate entries on Dec 31, 2021 and Dec. 31, 2022 Year Depreciation Expense Accumulated Depreciation Book Value Date Description Debit Credit 7. Thies Co. has delivery equipment purchased on August 1, 2018 that cost $150,000, hus a salvage value of $10,000 and a 5-year useful life. Prepare the entry to record the sale of the equipment on December 31, 2020 for 554,000. Assume that depreciation has been recorded through the end of 2020, Date Description Debit Credit 1. These expenditures were incurred by Dobbin Company in purchasing land: cash price $60,000, assumed accrued taxes $5,000, attorney's fees $2,100, real estate broker's commission $3,300, and clearing and grading $3,500. What is the cost of the land? Thoms Company incurs these expenditures in purchasing a truck: cash price $24,000, accident insurance (during use) $2,000, sales taxes $1,080, motor vehicle license $300, and painting and lettering $1,700. What is the cost of the truck? 3. is a cost allocation process, NOT a valuation process. 4. Depreciation applies to three classes of plant assets including: b 5. Cost of a plant asset minus accumulated depreciation equals

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