a) A high precision manufacturing CNC machine was acquired on January 1 of Year lata...
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a) A high precision manufacturing CNC machine was acquired on January 1 of Year lata 2. (18 2 .000. It has an estimated useful life of 5 years. It is also expected to have a useful operating east of $32. of 27.000 hours. It will have a residual (salvage) value of $1,000 Complete the depreciation table below for the first three years. (12 points) Year Hours of Machine Use in Year Depreciation Expense Straight Line Method Depreciation Expense Units of Production Method Depreciation Expense Double Declining Balance 5,000 2 14,000 3 4,000 computations: b) (3 points) Assuming the equipment was sold at the end of the second year for $21,000, compute the gain or loss on sale of the equipment. Assume that the Units of Production method was used to compute depreciation expense. c) (3 points) Using the information in step b) above, write out the journal entry to record this sale
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