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Back Street Publishing purchased and installed a press on July 1,2018 at a cost of: Use straight-line depreclation assuming a useful life of: The machine
Back Street Publishing purchased and installed a press on July 1,2018 at a cost of: Use straight-line depreclation assuming a useful life of: The machine was disposed of on October 1, 2022 . The Accumulated depreciation on 12/31/21 was $46,200 Assume a calendar year fiscal year end. a) Prepare the depreciation entry for 2022: b) Prepare the disposal entry for each independent scenario: 1) The machine was sold for cash of: 41,500 2) The machine was sold for cash of: 54,500 3) The machine was destroyed in a fire - no insurance. Scrap money recelved: 2.500 Back Street Publishing purchased and installed a press on July 1 Use double declining depreciation assuming a useful lif: The machine was disposed of on October 1, 2022. The Accumulated depreciation on 12/31/21 was Assume a calendar year fiscal year end. d) Prepare the disposal entry for each independent scenario: 1) The machine was sold for cash of: 2) The machine was sold for cash of: 54,500 3) The machine was destroyed in a fire - no insurance. Scrap money received: 2,500 4) The machine was destroyed in a fire. Insurance proceeds recelved: 60,000
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