At the beginning of the year. Montgomery Company bought three used machines from Hosey. Inc. The machines
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At the beginning of the year. Montgomery Company bought three used machines from Hosey. Inc.
The machines immediately were overhauled, installed, and started operating. The machines were different;
therefore, each had to be recorded separately in the accounts.
By the end of the first year, each machine had been operating 8.000 hours.
Required: 1. Compute the cost of each machine. 2. Give the entry to record depreciation expense at the end of year 1. assuming the follow ing:
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