QUESTION 18 P created a new company called S by transferring a three-year-old machinery (cost $50, Machinery account will be credited with $40,000 accumulated depreciation will be credited with $15,000 accumulated depreciation will be credited with $12,000 Machinery account will be debited with $30,000 machinery (cost $50,000, useful life 10 years) to S. In the books of S