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Journalize all entries required to update depreciation

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Reference no: EM132572512

Winningham Company sold the following two machines in 2019:

                                                        Machine A                    Machine B

Cost                                                   $ 92,000                     $ 43,000

Purchase date                                       July 1, 2015             Jan. 1, 2016

Useful life                                                  8 years                     8 years

Residual value                                           $ 4,000                         $ 3,000

Depreciation method                    Straight-line                     Double diminishing-balance

Date sold                                     July 1, 2019                               Aug. 1, 2019

Sales price (Cash)                          $ 37,000                                      $ 12,000

Instructions:

Question 1: Journalize all entries required to update depreciation and record the sales of the two assets in 2019.

NOTE: The company has recorded depreciation on the machines up to December 31, 2018.

Reference no: EM132572512

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