Question
on January 1, 2015, Toby company purchase six machines at a cost of $17000 each. the company adopted the group depreciation method (straight line) using
on January 1, 2015, Toby company purchase six machines at a cost of $17000 each. the company adopted the group depreciation method (straight line) using a four-year life with a 2000 salvage value per machine. toby has already recorded the correct depreciation expense in 2015. On January 1, 2017, one of the machines was sold for $15000
Prepare the proper form, the appropriate journal entry
a)December 31, 2016, to record depreciation expense for the second year.
b) January 1, 2017, to record the sales of one of the machine for $15,000
c) December 31, 2017, to record depreciation expense or the third year
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