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Identify which financial statement elements apply to each item described below. and if is credit...

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Accounting

Identify which financial statement elements apply to each item described below. and if is credit or debit. 1. Cash is used to purchase a machine that will be used in the production process over the next five years. 2.Income taxes are calculated based on a companys profit. The taxes will be paid next year. 3. A shareholder invests money in a business in exchange for issued shares. 4. An insurance settlement is received for a fully depreciated asset that was destroyed in a fire 5. An allowance for doubtful accounts is established based on estimates of future uncollectible accounts.

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