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On January 1,2022, Concord Company purchased the following two machines for use in...

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Accounting

On January 1,2022, Concord Company purchased the following two machines for use in its production process.
Machine A: The cash price of this machine was $37,500. Related expenditures also paid in cash included: sales tax $3,600, shipping costs $100, insurance during shipping $50, installation and testing costs $120, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Concord estimates that the useful life of the machine is 5 years with a $5,950 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used.
Machine B: The recorded cost of this machine was $180,000. Concord estimates that the useful life of the machine is 4 years with a $15,500 salvage value remaining at the end of that time period.
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