alpha company purchased a machine on January 1, 2017, for $70,000. The machine was estimated...
60.1K
Verified Solution
Link Copied!
Question
Accounting
alpha company purchased a machine on January 1, 2017, for $70,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. alpha sold the machine on January 1,2021 for $10,000. Alpha uses the double declining method for depreciation. Using this information, how much is: (enter whole dollars only, for loss amounts enter the $ & value inside of the brackets.)
the 2020 depreciation expense
the accumulated depreciation after the fiscal year 2020 adjusting entry
the book value of the machine after adjusting entry made on December 31, 2020
the gain/loss for the equipment sale entry made on January 1, 2021
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.