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ve Zoom 02:17:11 5 Combe C) Thomasville Furniture purchased a used machine for $83,500 on...

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ve Zoom 02:17:11 5 Combe C) Thomasville Furniture purchased a used machine for $83,500 on January 2, 2011. It was repaired Problem 1 the next day at a cost of $3,420' and installed on a new patrofim that cost $1,080. The company Disposal of P predicted that the machine would be used for six years and would then have a T4,800 residual LO1, 2, 3, 6 value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2011. On September 30, 2016, it was retired. Required Check figu 1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the 2. Dec 31, installation. Assume that cash was paid. 3a. Loss 5 Prepare entries to record depreciation on the machine on December 31 of its first year and on 3b. Gain- September 30 in the year of its disposal (round calculations to the nearest whole dollar). 3c. Gain = Prepare entries to record the retirement of the machine under each of the following unrelated assumptions: a. It was sold for $15,000. b. vas sold for $19,500. c. lt lvas destroyed in a fire anale insurance company paid $18,400 in full settlement the less claim Start Video Share Participants Unmute More

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