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3 years ago

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

Business

1 answer:

-Dominant- [34]3 years ago

8 0

Answer:

1. Purchase of Machine A (Dr.) $54,030

Cash (Cr.) $54,030

2. Depreciation Machine A (Dr.) $9,796

Accumulated depreciation (Cr.) $9,796

3. Depreciation Machine B (Dr.) $39,780

Accumulated depreciation (Cr.) $39,780

Explanation:

Machine A :

Cash price $50,000

Sales Tax $3,700

Shipping cost $100

Insurance $60

Installation and Testing $70

Oil and lubricants $100

Total cost of machine = $54,030

Depreciation = ( Cost - Salvage Value ) / Useful Life

Depreciation = ( $54,030 - 5,050 ) / 5 years = $9,796

Machine B :

Depreciation = ( 180,000 - 20,880 ) / 4 = $39,780

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3 years ago

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You are scheduled to receive a $500 cash flow in one year, a $1,000 cash flow in two years, and pay an $800 payment in three yea

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