The following information is disclosed concerning a company's fixed assets: Yrs. Useful Life Machine 1 2 3 a. Date Purchased 5/1/05 1/1/06 10/1/08 C. Cost $ 88,000 100,000 78,000 Salvage Value $ 4,000 10,000 6,000 8 10 6 yrs or 24,000 units Depreciation Method Straight-Line Machine 3 produced 2,000 units in 2008. Required: Record the appropriate adjusting entry for depreciation at December 31, 2008 for Machine 3: Double- Declining Determine the book value of Machine 2 as of December 31, 2008: Units-of- Activity b. Determine total accumulated depreciation for Machine 1 as of December 31, 2008: d. If Machine 2 was sold on April 1, 2009 for $45,000, determine the gain or loss on disposal: gain/loss (circle one)

The following information is disclosed concerning a company's fixed assets: Machine 3 produced 2,000 units in 2008 Required: a. Record the appropriate adjusting entry for depreciation at December 31, 2008 for Machine 3: b. Determine total accumulated depreciation for Machine 1 as of December 31,2008 : c. Determine the book value of Machine 2 as of December 31, 2008: d. If Machine 2 was sold on April 1, 2009 for $45,000, determine the gain or loss on disposal