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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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