Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1. 2017. at an installed cost of $76.000. Its useful life was estimated to be six years with a $7.000 trade-in value Straight line deprecation was recorded for the machine at the ends of 2017, 2018, and 2019. on March 29, 2020, was traded for Machine No. 1795, with an installed cash price of $70,000. A trade-in allowance of $31.010 was received for Machine No. 1550, and the balance was paid in cash. The fair values of Machine No: 1550 and Machine No. 1795 could not be determined Machine No. 1795's life was predicted to be four years with a trade-in value of $9,000. Double declining balance depreciation on this machine was recorded each December 31. On October 2 2021. it was traded for Machine No. BT-311, which had an installed cash price of $497.000, the machine's fair value. A trade in allowance of $10,000 was received for Machine No. 1786, and the balance was paid in cash It was estimated that Machine No BT-311 would produce 200.000 units of product during its five years after which it would have a $15.000 trade-in value Units-of production depreciation was recorded for the machine for 2021, a period in which it produced 32,000 units of product. Between January 1, 2002, and August 21, 2024, the machine produced 107.000 more units. On August 21, 2024, it was sold for $82.000 Required: Prepare journal entries to record: (Round intermediate calculations to the nearest whole dollar) a. The depreciation expense recorded to the nearest Whole month on the first December 31 of each machine's life. (Round the final answers to the nearest whole dollar transaction, select "No journal entry required in the first account field.) no entry is required for a View transaction list Journal entry worksheet Record depreciation for Machine 1550. Note: Enter debits before credits: General Journal Debit Credit Dec 31, 2017 Depreciation expense, Machine 1550 View general Journal Record entry Clear entry Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017 at an installed cost of $70.000 is useful life was estimated to be six years with a $7.000 trade-in value Stright line depreciation was recorded for the machine at the ends of 2017 2018 and 2019. On March 29, 2020, it was traded for Machine No: 1795, with an installed cash price of $70,000. A trade-in alowance of $31,010 was received for Machine No. 1550, and the balance was paid in cash. The far values of Machine No. 1560 and Machine No. 1796 could not be determined Machine No. 1795's life was predicted to be four years with a trade in value of $9.000. Double declining balance depreciation on this machine was recorded each December 31. on October 2 2021. it was traded for Machine No. BT 311, which had an installed cash price of $497,000, the machine's fair value. A trade-in allowance of $10,000 was received for Machine No. 1795, and the balance was paid in cash It was estimated that Machine No. BT-311 would produce 200.000 units of product during its five year useful , after which would have a $15.000 trade-in value Units-of-production depreciation was recorded for the machine for 2021. a period in which it produced 32.000 units of product. Between January 1, 2022. and August 21, 2024. the machine produced 107.000 more units. On August 21, 2024, it was sold for $2.000. Required: Prepare journal entries to record found intermediate calculations to the nearest whole dollar) a. The depreciation expense recorded to the nearest whole month on the first December 31 of each machine's Ite (Round the final answers to the nearest whole dollar. If no entry is required for a transaction, select No journal entry required in the first account field) View transaction lit Journal entry worksheet
