created a new company called S by transferring a three-year-old machinery (cost $50,000. useful life 10 years) to S. In the books of S. Machinery account will be credited with $40,000 accumulated depreciation will be credited with $15,000 accumulated depreciation will bo tredited with $12,000 Machinery account will be dobited with $30,000 QUESTION 19 created a new company called S by transferring cash $20,000, inventory S15,000 and machinery (cost $40,000, book value $35,000) to S. In the books of P. the journal entry for the transfer will include Debit to investment in S $70,000 Credit to machinery 535,000 Debit to cash $20,000 Debit to inventory $15,000 QUESTION 20 P created a new company called S by transferring cash $20,000, inventory $15,000 and machinery (cost $50,000, book value $35,000) to S. In retur, issued 20,000 shares of $2 par value. In the books of S, the share premium account will be credited with $10.000 $60,000 $30,000 $40,000