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On 3 January 2020, Bennetti Ltd paid $33 000 for a machine with a useful life of 10 years and a residual value of $3000.
On 3 January 2020, Bennetti Ltd paid $33 000 for a machine with a useful life of 10 years and a residual value of $3000. On 31 December 2024, accumulated depreciation on the machine was $15 000. The machine was sold on 31 May 2025. Ignore GST. Required(a) Prepare a general journal entry to record depreciation expense on the machine for the 5 months in 2025. Use the straight-line depreciation method. (b) Prepare an entry to record the sale of the machine on 31 May 2025, assuming a selling price of:(0) $16 000 (ii) $17 800
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