Grayson's Lumber Mill sold two machines in 2020. The following information pertains to the two...
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Grayson's Lumber Mill sold two machines in 2020. The following information pertains to the two machines: Purchase Useful Salvage Depreciation Sales Machine Cost Date Life Value Method Date Sold Price #1 $66,000 7/1/16 5 yrs $6,000 Straight-line 7/1/20 $15,000 #2 $50,000 7/1/19 5 yrs. $5,000 Double-declining- 12/31/20 $30,000 balance Instructions (a) Compute the depreciation on each machine to the date of disposal. (b) Prepare the journal entries in 2020 to record 2020 depreciation and the sale of each machine
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