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Exercise 10-24 On December 31, 2017, Flounder Inc. has a machine with a book vailue...

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Accounting

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Exercise 10-24 On December 31, 2017, Flounder Inc. has a machine with a book vailue of $1,334,800. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,846,000 11,200 $1,334,800 Depreciation is computed at $85,200 per year on a straight-line basis Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciabon entries are made to update the book value of the machine prior to its disposal

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