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Walleye Industries Ltd. purchased a machine on June 1, 2019 for $76,000. Walleye paid freight costs of $5,000, installation costs of $3,000 and employee training

Walleye Industries Ltd. purchased a machine on June 1, 2019 for $76,000. Walleye paid freight costs of $5,000, installation costs of $3,000 and employee training costs of $3,500 related to the acquisition. The company estimated that the machine would last for 15 years and have a residual value of $4,000 At the same time the old machine was sold for $2,500 cash, the older model had an original cost of $50,000 and accumulated depreciation of $39,500 at the time of replacement. Walleye uses the declining balance method of depreciation at a rate of 30%, computed to the nearest whole month. The year-end is December 31. Required: Record the acquisition/replacement and subsequent depreciation at year endimage text in transcribed

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