This is a question on Chapter 10 and 11 having to do with depreciation and gain and loss from sale of equipment. It builds on previous assignments TVM3.a,b,c. If you got at least 0.6 points in TVM 3c, you should be able to see the solution for that problem in BlackBoard. If you received less than 0.6 points email me for the solution. Assume the same facts as in TVM3a,36,3c. See page 2 for the basic facts. Also remember the following additional information: The company has a single source of cash revenue of $200,000 per year, and Cost of Goods Sold of $20,000 per year. The machine we purchased is depreciated straight line over eight years with no residual value (these assumptions will change below) and is classified as Selling, General and Administrative expense, not part of Cost of Goods Sold. Also assume that the company has a tax rate of 21 percent. Additional facts for this assignment: The machine is depreciated straight line over eight years with a $50,000 estimated residual value. The machine was actually sold at the end of the eighth year for $40,000. 3d: Record the depreciation expense journal entry at end of year 1,2,3,4,5,6,7,8 (if they are the same for each year, you can enter it once, and indicate the same for each year). 3e: Record the journal entry for the sale assuming the sale is recorded after the annual depreciation expense. This is a question on Chapter 10 and 11 having to do with depreciation and gain and loss from sale of equipment. It builds on previous assignments TVM3.a,b,c. If you got at least 0.6 points in TVM 3c, you should be able to see the solution for that problem in BlackBoard. If you received less than 0.6 points email me for the solution. Assume the same facts as in TVM3a,36,3c. See page 2 for the basic facts. Also remember the following additional information: The company has a single source of cash revenue of $200,000 per year, and Cost of Goods Sold of $20,000 per year. The machine we purchased is depreciated straight line over eight years with no residual value (these assumptions will change below) and is classified as Selling, General and Administrative expense, not part of Cost of Goods Sold. Also assume that the company has a tax rate of 21 percent. Additional facts for this assignment: The machine is depreciated straight line over eight years with a $50,000 estimated residual value. The machine was actually sold at the end of the eighth year for $40,000. 3d: Record the depreciation expense journal entry at end of year 1,2,3,4,5,6,7,8 (if they are the same for each year, you can enter it once, and indicate the same for each year). 3e: Record the journal entry for the sale assuming the sale is recorded after the annual depreciation expense