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3 years ago

On January 1, 2019, Oriole Company purchased the following two machines for use in its production process.

Business

1 answer:

Zarrin [17]3 years ago

5 0

Answer and Explanation:

The journal entries are shown below:

1 Equipment $53,420

To Cash $53,420

(Being the equipment is purchased for cash is recorded)

The computation is given below:

= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost

= $49,500 + $3,650 + $100 + $60 + $110

= $53,420

2. Depreciation expense $9,614

To Accumulated Depreciation - Equipment $9,614

(Being the depreciation expense is recorded)

The computation is shown below:

= ($53,420 - $5,350) ÷ ( 5 years)

= $9,614

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