1 answer

Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated...

Question:

Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-y

Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-year useful life and a residual value of $68,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Depreciation Expense 14,800 Accumulated Depreciation - Machinery 14,800

Answers

Annual Depreciation = (362000-68000)/10 = $29,400

Net Book value on December 31, 2019 = 362000 - 29400*5 = $215,000

Depreciation for 2020 = (215000-68000)/10 = $14,700

Account Titles and Explanation Debit Credit
Depreciation expense $14,700
Accumulated Depreciation - Machine $14,700
.

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