Computing and revising depreciation , selling plant assets c1 p1 p2

Wild_liborg Page 426.jpg 30% Requirea Prepare journal entries to record these transactions and events. X York Instruments completed the following transactions and events involving its machinery. 2016 Jan. 1 Paid $107,800 cash plus $6,470 in sales tax for a new machine. The machine is estimated to have a six-year life and a $9,720 salvage value. Recorded annual straight-line depreciation on the machinery Problem 8-58 Computing and reving depreciation Selling plantas CZ P1 P2 Dec. 31 2017 Dec. 31 Due to new information obtained earlier in the year, the machine's estimated useful life was Check Out changed from six to four years, and the estimated salvage value was increased to $14,345. Re- De Decor corded annual straight-line depreciation on the machinery. 2018 Dec 31, 2016 Dec. 31 Recorded annual straight-line depreciation on the mlehinery 31 Sold the machine for $25,240 cash. Required Prepare journal entries to record these transactions and events. Problem 8-68 Disposal of plant assets C1 P1 P2 On January 1, Walker purchases a used machine for $150,000 and readies it for use the next day at a cost of $3,510. On January 4, it is mounted on a required operating platform costing $4,600, and it is further readied for operations. Management estimates the machine will be used for seven years and have an $18,110 salvage value. Depreciation is to be charged on a straight-line basis, On December 31, at the end of its sixth year of use, the machine is disposed of. Bert net to ready and install it. Cash is