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On March 2 0 , 2 0 2 0 , FineTouch Corporation purchased two machines at auction for a combined total cost of $ 2
On March FineTouch Corporation purchased two machines at auction for a combined total cost of $ The machines were listed in the auction catalogue at $ for machine X and $ for machine Y Immediately after the auction, FineTouch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $ on machine X and $ on machine Y On March FineTouch paid a total of $ in transportation and installation charges for the two machines. No further expenditures were made for machine X but $ was paid on March for improvements to machine Y On March both machines were ready to be used. The company expects machine X to last five years and to have a residual value of $ when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $ at that time. Due to the different characteristics of the two machines, different depreciation methods will be used for them: machine X will be depreciated using the doublediminishingbalance method and machine Y using the straightline method. Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to decimal place, for eg and Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Mar. eTextbook and Media List of Accounts Prepare the journal entries to record the transportation, installation, and improvement costs for each machine. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to decimal place, for eg and Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Mar. Mar. eTextbook and Media List of Accounts Prepare the journal entry to record the depreciation expense to December for each machine. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Dec.
On March FineTouch Corporation purchased two machines at auction for a combined total cost of $ The machines were listed in the auction catalogue at $ for machine X and $ for machine Y Immediately after the auction, FineTouch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $ on machine X and $ on machine Y On March FineTouch paid a total of $ in transportation and installation charges for the two machines. No further expenditures were made for machine X but $ was paid on March for improvements to machine Y On March both machines were ready to be used. The company expects machine X to last five years and to have a residual value of $ when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $ at that time. Due to the different characteristics of the two machines, different depreciation methods will be used for them: machine X will be depreciated using the doublediminishingbalance method and machine Y using the straightline method. Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to decimal place, for eg and Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Mar. eTextbook and Media List of Accounts Prepare the journal entries to record the transportation, installation, and improvement costs for each machine. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to decimal place, for eg and Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Mar. Mar. eTextbook and Media List of Accounts Prepare the journal entry to record the depreciation expense to December for each machine. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Dec.
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