A company purchased a machine on $1/1/$X$1$ with the following attributes:

Cost $=$ $$50,000$

Residual value $=$ $$2,000$

Useful life $=4$ years

The machine will be depreciated using the straight$-$line method.

Required: Answer the two questions below.

Question #$1$: What will be the journal entry to record depreciation expense for the year ending $12/31/$X$2($the end of the second year of the asset's life$)?$A company purchased a machine on $\frac{1}{1}\frac{?}{x1}$ with the following attributes:

Cost $=$$$50,000$

Residual value $=$$$2,000$

Useful life $=4$ years

The machine will be depreciated using the straight$-$line method.

Required: Answer the two questions below.

Question #$1$: What will be the journal entry to record depreciation expense for the year

ending $12/31/$X$2($the end of the second year of the asset's life$)?$ Do not include

decimals or cents in the numerical response.

Answer:

Question #$2$: What should be the "Accumulated Depreciation" account balance at the

end of $20$X$2($the end of the second year of the asset's life$)?$ Do not include decimals or

cents in the numerical response.

Answer: $