A Machine Is Purchased and Used Throughout Its Predicted Useful

Multiple Choice

A machine is purchased and used throughout its predicted useful life of five years.The depreciable cost equals $50,000.The company uses the straight-line method.How would the company record the adjusting entry to record the depreciation on this machine at the end of each of the years in its useful life?

A) Debit Machinery for $50,000 and credit Cash for $50,000.
B) Debit Machinery Expense for $10,000 and credit Machinery for $10,000.
C) Debit Depreciation Expense for $10,000 and credit Accumulated Depreciation-Machinery for $10,000.
D) Debit Accumulated Depreciation-Machinery for $10,000 and credit Depreciation Expense for $10,000.
E) Debit Depreciation Expense for $10,000 and credit Machinery for $10,000.