Steven's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to...
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Steven's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment: Machine Cost Purchase Date Useful Life Salvage Value Depreciation Method Date Sold Sales Price $141.900 7/1/18 H 5 yrs $9.900 Straight line 7/1/22 $33,000 $156,750 1/1/21 5 yrs Double- $8,250 declining balance 12/31/22 861,050 Prepare the journal entries in 2022 to record 2022 depreciation and the sale of each piece of equipment. Machine 1 and Machine 2 Debit Credit Account Titles and Explanation enter a debit amount enter a credit enter an account title to record depreciation expense of Machine 1
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