On January 1, Year 1 the Sunshine Company acquired a new machine at a cost...
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Accounting
On January 1, Year 1 the Sunshine Company acquired a new machine at a cost of $270,000. The new machine has an estimated life of five years, with a $22,000 salvage value. The company uses the double declining method to record their depreciation.
a. Create a double declining worksheet, with the following headings Year, Beginning Book Value, Depreciation Rate, Annual Depreciation, Accumulated Depreciation, and Ending Book Value.
b. Using your worksheet, prepare the monthly journal entry for March Year 4.
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