A company purchased and installed a machine on January 1, 2006 at a total cost...
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Accounting
A company purchased and installed a machine on January 1, 2006 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2010. 1. Prepare the general journal entry to update depreciation to July 1, 2010. 2. Prepare the general journal entry to record the disposal of the machine assuming the machine was sold for $22,000 cash.
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