Selected plant and equipment asset balances on December 31, 2013 for Stake Technology Inc. are as follows:

Machinery$84,900Accumulated Depreciation, Machinery72,000

Total estimated useful life on the machinery is 5 years with a residual value of $2,000; depreciated using the double-declining balance method to the nearest whole month. The machinery was sold on May 6, 2014 for cash of $11,180. Prepare journal entries for the following :

1. Depreciation of the machinery for 2014.
2. The sale of the machinery on May 6.

Ensure accuracy in your calculations by rounding only your final answer (to the nearest whole dollar). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). For simplicity, assume the assets are depreciated as individual items and will not be broken into parts and depreciated.

Selected plant and equipment asset balances on December 31, 2013 for Stake Technology Inc. are as follows: Machinery. $84.900 Accumulated Depreciation, Machinery 72,000 Total estimated useful life on the machinery is 5 years with a residual value of $2,000; depreciated using the double-declining balance method to the nearest whole month. The machinery was sold on May 6, 2014 for cash of $11,180. Prepare journal entries for the following: a. Depreciation of the machinery for 2014. b. The sale of the machinery on May 6. Ensure accuracy in your calculations by rounding only your final answer (to the nearest whole dollar). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). For simplicity, assume the assets are depreciated as individual items and will not be broken into parts and depreciated. General Journal Page GJ2 Date Account/Explanation F Debit Credit + +