Solution-Prepare journal entries to record the purchase of

Prepare journal entries to record the purchase of machine

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Reference no: EM133239855

Vita Water purchased a used machine for $116,900 on January 2, 2017. It was repaired the next day at a cost of $4,788 and installed on a new platform that cost $1,512. The company predicted that the machine would be used for six years and would then have a $20,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2017. On September 30, 2022, it was retired.

1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid.

2. Prepare entries to record depreciation on the machine on December 31, 2017 (its first year) and on September 30, 2022 in the year of its disposal (round calculations to the nearest whole dollar), when it is sold for $21,000.

Reference no: EM133239855

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Prepare journal entries to record the purchase of machine

Reference no: EM133239855

Reference no: EM133239855

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