Scribd Logo
Upload

Welcome to Scribd!

  • Solutiondone 313

    Uploaded by

    trilocksp Singh
    8 views1 page
    York Instruments purchased a new machine in January 2016 for $107,800 plus $6,470 in sales tax, with an estimated six-year life and $9,720 salvage value. In 2016 and 2017, it recorded annual straight-line depreciation on the machinery. In 2017, it updated the machine's estimated useful life to four years and increased the salvage value to $14,345. In 2018, it recorded depreciation and then sold the machine for $25,240.

    Original Description:

    upload

    Original Title

    solutiondone-313

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    York Instruments purchased a new machine in January 2016 for $107,800 plus $6,470 in sales tax, with an estimated six-year life and $9,720 salvage value. In 2016 and 2017, it recorded annual straight-line depreciation on the machinery. In 2017, it updated the machine's estimated useful life to four years and increased the salvage value to $14,345. In 2018, it recorded depreciation and then sold the machine for $25,240.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views1 page

    Solutiondone 313

    Uploaded by

    trilocksp Singh
    York Instruments purchased a new machine in January 2016 for $107,800 plus $6,470 in sales tax, with an estimated six-year life and $9,720 salvage value. In 2016 and 2017, it recorded annual straight-line depreciation on the machinery. In 2017, it updated the machine's estimated useful life to four years and increased the salvage value to $14,345. In 2018, it recorded depreciation and then sold the machine for $25,240.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    York Instruments completed the following transactions and

    events involving its


    York Instruments completed the following transactions and events involving its

    York Instruments completed the following transactions and events involving its machinery.
    2016
    Jan. 1 Paid $107,800 cash plus $6,470 in sales tax for a new machine. The machine is
    estimated to have a six-year life and a $9,720 salvage value.
    Dec. 31 Recorded annual straight-line depreciation on the machinery.
    2017
    Dec. 31 Due to new information obtained earlier in the year, the machine's estimated useful life
    was changed from six to four years, and the estimated salvage value was increased to $14,345.
    Recorded annual straight-line depreciation on the machinery.
    2018
    Dec. 31 Recorded annual straight-line depreciation on the machinery.
    31 Sold the machine for $25,240 cash.
    Required
    Prepare journal entries to record these transactions and events.

    York Instruments completed the following transactions and events involving its
    SOLUTION-- http://solutiondone.online/downloads/york-instruments-completed-the-following-
    transactions-and-events-involving-its/

    Unlock answers here solutiondone.online

    You might also like