Oriole Productions Corp, purchased equipment on March 1,2021, for $77,000. The company estimated the equipment...
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Oriole Productions Corp, purchased equipment on March 1,2021, for $77,000. The company estimated the equipment would have a useful life of three years and produce 10,000 units, with a residual value of $5,000. During 2021, the equipment produced 4,700 units. On November 30,2022 , the machine was sold for $18,000 and had produced 5,900 units that year. Dec. 31 Depreciation Expense 38 Accumulated Depreciation - Equipment 38 2022 Nov. 30 Depreciation Expense 21 Accumulated Depreciation-Equipment (To record depreciation expense) Nov. 30 Cash \begin{tabular}{|r|} \hline 18000 \\ \hline \end{tabular} Accumulated Depreciation - Equipment 59534 Gain on Disposal. \begin{tabular}{|r|} \hline 534 \\ \hline 77000 \\ \hline \end{tabular} (To record the sale of machine)
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