Vaughan Manufacturing Inc. purchased and later sold a machine. Details relating to the machine are below.

Acquisition cost $180,000

Date of purchase 1-Mar-20

Date put into use 1-Jun-20

Estimated useful life in years 6

Estimated residual value $36,000

Date of disposal 1-Sep-24

Proceeds of disposal $70,000

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REQUIRED: Complete a depreciation chart for this machine and then answer the following questions.

The company has a December 31 year end. ENTRY RULES: Enter digits (whole numbers) only - no commas, dollar signs, decimal points or pennies.

What is the depreciable amount of the machine?

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What is this machine's ANNUAL depreciation expense?

-------- How much depreciation expense should be recorded in 2020?

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How is depreciation recorded at year end?

A. increase Depreciation Expense, decrease Equipment

B. increase Depreciation Expense, increase Accumulated Depreciation

C. increase Depreciation Expense, decrease Cash

D. increase Depreciation Expense, decrease Accumulated Depreciation

E. decrease Cash, decrease Equipment

F. decrease Cash, increase Accumulated Depreciation

G. decrease Cash, increase Equipment Expense

H. increase Equipment Expense, increase Accumulated Depreciation

Enter the letter that corresponds to your choice. (A B C D E F G H)

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What is the accumulated depreciation at the end of 2022?

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How much depreciation expense should be recorded in 2024, the year of the disposal?

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What is the book value on the disposal date? What is the gain or loss on the disposal?

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If there is a loss, enter it as a negative number (i.e. as -1000). If there is a gain, enter it as a positive number (i.e., as 1000).

PLEASE HELP ME ASAP! MUCH APPRECIATED