Essay
A company purchased and installed machinery on January 1 at a total cost of $93,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machinery was discarded on July 1 of Year four due to obsolescence. The company uses the calendar year.
1. Prepare the general journal entry to update depreciation to July 1 in year four.
2. Prepare the general journal entry to record the disposal.
Correct Answer:
Verified
Correct Answer:
Verified
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