Rayya company purchases a machine for $105000 on january 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.
Required:
Prepare entries to record the partial year's depreciation on July 1, 2023 and to record the sale under each separate situation.
1. The machine is sold for $45,500 cash.
2. The machine is sold for $25,000 cash.
Answers: 1
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Rayya company purchases a machine for $105000 on january 1, 2019. Straight-line depreciation is take...
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