Question
The following balances are extracted from the budget of a commercial establishment on 1/1/2018 (the amounts are in Syrian pounds): 3,000,000 machines, 900,000 accumulated depreciation
The following balances are extracted from the budget of a commercial establishment on 1/1/2018 (the amounts are in Syrian pounds): 3,000,000 machines, 900,000 accumulated depreciation of machines, so if you know that: 1- The facility has three machines of equal value that were purchased on the same date and are depreciated at a rate of 10% annually, and there is no value for the waste. 2- On 1/7/2018, one of the machines was sold for cash in the amount of 500,000. Required: 1- Determine the date of purchase of the machines 2- Recording the necessary accounting entries on 1/7/2018 3- A statement of how machinery is presented in the budget on 12/31/2018.
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