Vaughan Manufacturing Inc. purhased 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

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

Question 51 (2 points)

Question 51 options:

What is the depreciable amount of the machine?

Question 52 (2 points)

Question 52 options:

What is this machine's ANNUAL depreciation expense?

Question 53 (2 points)

Question 53 options:

How much depreciation expense should be recorded in 2020?

Question 54 (2 points)

How is depreciation recorded at year end? Select all that apply.

Question 54 options:

a)	Increase Depreciation Expense

b)	Decrease Accumulated Depreciation

c)	Decrease Cash

d)	Increase Equipment

e)	Decrease Equipment

f)	Increase Cash

g)	Decrease Depreciation Expense

h)	Increase Accumulated Depreciation

Question 55 (2 points)

Question 55 options:

What is the accumulated depreciation at the end of 2022?

Question 56 (2 points)

Question 56 options:

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

Question 57 (2 points)

Question 57 options:

What is the book value on the disposal date?

Question 58 (2 points)

Question 58 options:

What is the gain or loss on the disposal? If a loss, enter as a negative number (i.e. as -1000). If a gain, enter as a positive number (i.e., as 1000).

Question 59 (4 points)

How will the disposal of the machine be recorded? Ignore the partial-year depreciation entry. Select all that apply. (4 marks)

Question 59 options:

a)	Decrease Cash

b)	Increase Loss on Disposal

c)	Increase Equipment

d)	Increase Cash

e)	Decrease Equipment

f)	Decrease Depreciation Expense

g)	Decrease Accumulated Depreciation

h)	Increase Accumulated Depreciation

i)	Increase Depreciation Expense

j)	Decrease Loss on Disposal

k)	Decrease Gain on Disposal

l)	Increase Gain on Disposal