On January 1.2022, Swifty Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $53,500. Related expenditures also paid in cash included: cales tax $2.600. shipping costs $100, insurance during shipping $120, installation and testing costs $00, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Swifty estimates that the useful bife of the machine is 5 years with a $4,200 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $180,000. Swifty estimates that the usetul life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. (a) Prepare the following for Machine A. (Round answers to 0 decimal places, es, 5, 125. List all debit entries before credit entries. Credit account titles are automatically indented when amount h entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts) 1. The journal entry to record its purchase on January 1,2022 2. The journal entry to record annual depreciation a December 31,2022. On January 1.2022, Swifty Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $53,500. Related expenditures also paid in cash included: cales tax $2.600. shipping costs $100, insurance during shipping $120, installation and testing costs $00, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Swifty estimates that the useful bife of the machine is 5 years with a $4,200 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $180,000. Swifty estimates that the usetul life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. (a) Prepare the following for Machine A. (Round answers to 0 decimal places, es, 5, 125. List all debit entries before credit entries. Credit account titles are automatically indented when amount h entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts) 1. The journal entry to record its purchase on January 1,2022 2. The journal entry to record annual depreciation a December 31,2022
