Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. casey company bought a machine on january 1, year

Casey Company bought a machine on January 1, Year 1. The machine cost $144,000, the...

60.1K

Verified Solution

Question

Accounting

Casey Company bought a machine on January 1, Year 1. The machine cost $144,000, the company also spent $45,000 and $38,000 for transportation and installation, respectively. The purchase was paid in cash. The accounting team expected salvage value of $24,000. The life of the machine was estimated to be 5 years.4. Assuming Casey company only use the straight-line method, and the company decide to sale the old machine by the end of year 5 for $31,000. Calculate Loss or Gain and write the journal entry for the transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

ou are evaluating two different silicon wafer milling machines. The Techron I costs $276,000, has a...

Finance
Q

2Fe2O3(s)+3 CO2(g)+4 Fe(s) A) if 2.70 g of Fe2O and 4.05 of carbon react, what mass...

Chemistry
Q

For inorganic chemistry What is the correct name of the following : 1- [Ni(Co)4] 2- [Co(NH3)6] ^2+ 3- [ Co(NH3)3...

Chemistry
Q

Discuss the requirements of avionics equipment with respect to following aspects. (a) Environment (b) Weight (c) Reliability.

Mechanical Engineering
Q

a Draw graphs showing the variations of inductive reactance and capacitive reactance with frequency of...

Physics
Q

Q 18 A square coil ABCD with its plane vertical is released from rest in...

Physics
Q

A dipole with electric dipole moment P is at distance r from a long thread...

Physics
Q

Consider a sample with data values of 10 20 21 12 18 and 15 Compute...

Statistics
Q

depth width The strength of a beam is proportional to the width and the square...

Calculus
Q

Biz Partnership allows partner Mandy to sell her $88,000 equity in the partnership to Brittney....

Accounting
Q

Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December...

Accounting
Q

A scholarship provider has $475000 which she will invest today to fund a scholarship forever....

Finance