Business, 08.11.2021 14:00, abhibhambhani

Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years and the estimated residual value was $10,000. Williams uses the double-declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. a. Record the journal entry for the depreciation on this machinery for Year 4. If an amount box does not require an entry, leave it blank .

Depreciation Expense
Depreciation Expense
Depreciation Expense

Accumulated Depreciation-Machinery
Accumulated Depreciation-Machinery
Accumulated Depreciation-Machinery
b. Record the journal entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

Cash
Cash
75,000
Cash

Accumulated Depreciation-Machinery
Accumulated Depreciation-Machinery
Accumulated Depreciation-Machinery

Machinery
Machinery
Machinery
130,000

Gain on Sale of Machinery
Gain on Sale of Machinery
Gain on Sale of Machinery

Answers: 3

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Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful l...