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(Solved by Expert Tutors) 1). On January 1, 2009 Boston Company purchased a heavy duty machine hav


transportation and installation cocsts of $3000. The machine is estimated to have a 4-year useful life and a $1,000 residual value. Calculate depreciation expense and book value forr 2002-2012, assuming 150% declining balance method of depreciation. (Rounded to the neartest dollar)2). Spa Sources Corp. purchased a machine that had an original cost of $60,000 and an estimated residual value of $10,000. The useful life was expected to be 8 years and straight-line depreciation is used. At the end of 2010, the book value of the machine was $35,000. Spa Sources sold the machine for $32,000 cash on October 1, 2011.a). Prepare the journal entry to record depreciation for 2011 up to the date of the sale. Rounded to the nearest dollar.b). Prepare the journal entry to record the sale of the machine.

 


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Apr 19, 2020

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