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Blossom's Lumber Mill sold two machines in 2020. The following information pertains to the two machines: Machine Cost Purchase Date Useful Life Salvage Value Depreciation
Blossom's Lumber Mill sold two machines in 2020. The following information pertains to the two machines:
Machine | Cost | Purchase Date | Useful Life | Salvage Value | Depreciation Method | Date Sold | Sales Price | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
#1 | $60,000 | 7/1/16 | 5 yrs | $5,000 | Straight-line | 7/1/20 | $14,000 | ||||||||
#2 | $45,000 | 7/1/19 | 5 yrs | $4,500 | Double-declining-balance | 12/31/20 | $30,000 |
Compute the depreciation on each machine to the date of disposal. Machine #1
Year | Annual Depreciation | Accumulated Depreciation | |||
---|---|---|---|---|---|
2016 | $enter a dollar amount | $enter a dollar amount | |||
2017 | enter a dollar amount | enter a dollar amount | |||
2018 | enter a dollar amount | enter a dollar amount | |||
2019 | enter a dollar amount | enter a dollar amount | |||
2020 | enter a dollar amount | enter a dollar amount |
Machine #2
Year | Annual Depreciation | Accumulated Depreciation | |||
---|---|---|---|---|---|
2019 | $enter a dollar amount | $enter a dollar amount | |||
2020 | enter a dollar amount | enter a dollar amount |
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