View Policies empt in Progress Oriole Limited purchased a machine on account on April 1, 2021, at an invoice price of $368,760. On April 2, it paid $1,950 for delivery of the machine. A one-year, $3,860 insurance policy on the machine was purchased on April 5. On April 19, Oriole paid $7,74 for installation and testing of the machine. The machine was ready for use on April 30. Oriole estimates the machine's useful life will be five years or 6,197 units with a residual value of $84,390. Assume the machine produces the following numbers of units each year: 937 units in 2021; 1,353 units in 2022; 1,528 units in 2023; 1,303 units in 2024; and 1,076 units in 2025. Oriole has a December 31 year end. (a) Determine the cost of the machine. Cost of the machine $ Ayayai Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Ayayai's inventory consists of 270 books purchased at $19 each. Ayayai uses a perpetual inventory system. Return rates in the book industry are high, with Ayayai experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 Purchased 190 books on account for $17 each from Reader's World Publishers, terms n/45. 3 Sold 200 books on account to The Book Nook for $25 each, with an assumed average cost of $18, terms n/45. 5 Received a $170 credit for 10 books returned to Reader's World Publishers. 8 Sold 86 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $18, terms n/45. 9 Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. 11 Purchased 130 books on account for $14 each from Read More Publishers, terms n/45. 12 Received payment in full from The Book Nook. 17 Received payment in full from Read-A-Lot Bookstore. 22 Sold 125 books on account to Reader's Bookstore for $23 each, with an assumed average cost of $18, terms n/45. 25 Granted Reader's Bookstore a $322 credit for 14 returned books. These books were restored to inventory. 29 Paid Reader's World Publishers in full. Record the June transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round your answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit une 1 2 Inventory 32330.00 Accounts Payable 32330.00 une 3 Accounts Receivable 5000.00 Sales 5000.00 (To record sales) e 3 Cost of Goods Sold 3600.00 Inventory 3600.00 3 2 Cost of Goods Sold 3600.00 Inventory 3600.00 (To record cost of goods sold) ne 5 A Accounts Payable 170.00 Sales 170.00 ne 8 a Accounts Receivable HOITATIONE IN DE 1540.00 Sales 1540.00 (To record sales) 8 Cost of Goods Sold 1260.00 Inventory 1260.00 ne 9 Accounts Receivable 264.00 Salaries Expense 264.00 e 11 Inventory 1820.00 Accounts Payable 1820.00 ne 12 Cash 4900.00 Accounts Payable 5000.00 ne 174 Cash 1250.48 Accounts Receivable 1276.00 e 224 Accounts Receivable 2875.00 Sales 2875.00 ne 224 Cost of Goods Sold 2250.00 Inventory 2250.00 (To record sales) ne 25 Sales Returns and Allowances 322.00 Accounts Receivable 322.00 (To record cost of goods sold) une 254 Inventory 252.00 Cost of Goods Sold 252.00 I! TONE JAK UR JALA (To record sales returns) ine 29 Accounts Payable 3060.00 Cash 3060.00 (To record cost of goods returned) une 294 Income Tax Expense 270 Cash