Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. irwin, inc. constructed a machine at a total cost

Irwin, Inc. constructed a machine at a total cost of $30 million. Construction was completed...

50.1K

Verified Solution

Question

Accounting

image
Irwin, Inc. constructed a machine at a total cost of $30 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Credit No Event Answer is complete but not entirely correct. General Journal Depreciation expense Accumulated depreciation Debit 1.96 1 1 1.96

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Assume that the average firm in your company's industry is expected to grow at a constant...

Finance
Q

An investor is considering three types of investments: a high risk venture into oil leases with...

Basic Math
Q

Reduction half-reaction E∘ (V) Ag+(aq)+e−→Ag(s) 0.80 Cu2+(aq)+2e−→Cu(s) 0.34 Sn4+(aq)+4e−→Sn(s) 0.15 2H+(aq)+2e−→H2(g) 0 Ni2+(aq)+2e−→Ni(s) −0.26 Fe2+(aq)+2e−→Fe(s) −0.45 Zn2+(aq)+2e−→Zn(s) −0.76 Al3+(aq)+3e−→Al(s) −1.66 Mg2+(aq)+2e−→Mg(s) −2.37 1) Use the table of standard reduction potentials given above to calculate the equilibrium constant...

Chemistry
Q

why does phenotypic plasticity in roots and shoots expected to be more important in environments where...

Biology
Q

Write a literature survey about DC power supply circuit and audio amplifier circuit to preform a...

Electrical Engineering
Q

Consider a home mortgage of $250,000 at a fixed APR of 9% for 30 years.a....

Basic Math
Q

graph f x 3x ANON X 4 2 by f x 3x 2 y 10...

Calculus
Q

ctions Place each number below in the smallest set in which it belongs For mple...

Algebra
Q

The Redford Investment Company bought 90 Cinema Corp. warrants one year ago and would like...

Accounting
Q

Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment...

Accounting
Q

The Chungs are married with one dependent child. They report the following information for 2023...

Accounting
Q

An organization has decided to hedge raw materials with highly volatile prices. This is an...

Finance