Paul's Lumber Mill has two machines in 2023. The following information pertains to the two machines: Purchase Useful Date Life 1/1/20 $70,000 1/1/22 Machine Cost #1 $88,000 #2 5 yrs. 5 yrs. Account Salvage Value $ 8,000 $10,000 Instructions 1. Prepare a journal entry for the depreciation expense of Machine #1 for 2023. Account Depreciation Method Straight-line GENER Double-declining-balance PAUL'S LUMBER MILL GENERAL JOURNAL 2. Prepare a journal entry for the depreciation expense of Machine #2 for 2012. Debit PAUL'S LUMBER MILL GENERAL JOURNAL Debit Credit Credit

Paul's. Lumber Mill has two machines in 2023. The following information pertains to the two machines: Instructions 1. Prepare a journal entry for the depreciation expense of Machine #1 for 2023. 2. Prepare a journal entry for the depreciation expense of Machine #2 for 2012