How do record the entries in the journal

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At the beginning of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life to be five years or 60,000 units of output with an estimated salvage value of $60,000. During the current year, 15,000 units were produced.

Problem 1: Show your work below and then record the entries in the journal.

Problem 2: Calculate the depreciation using the: Straight-line method of depreciation Units-of-production method of depreciation

Problem 3: Prepare the necessary December 31 adjusting entry to record depletion for the current year using the general journal

Reference no: EM132787697

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