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Prepare the proper journal entry for the sale of the machine

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Reference no: EM132543656

A new machine cost $ 100000 has an estimated useful life of five years and an estimated residual value of $ 15000 at the end of that time .it is expected that the machine can produce 170000 widgets during its useful life.

The new times company purchases this machine on january 1,2017 and uses it for exactly three years .during these years the annual production of widgets has been 80000 ,50,000 and 30,000 units respectively .on january 1,2017 the machine is sold for 45000.

Required:

Question 1: Calculate the depreciation expense for each of the first three years using

a- straight line

b- units of production

c- double declining balance

Question 2: Prepare the proper journal entry for the sale of the machine under the three different depreciation methods

Reference no: EM132543656

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