Question

The company had purchased a machinery for 1000000 in 2014. The accumulated depreciation to date is 280000. As of December 2018. The estimate useful life of the assets in 8 years, and the company estimated the fair value of the machine at 600000 . Prepare the journal entries

Answer 1

Answer:

fine has july he game june john game

Answer 2

Debit Loss on impairment account for $400,000 and credit the Accumulated depreciation on machinery account for $400,000. b. Debit Loss on impairment account for $120,000 and credit the Accumulated depreciation on machinery account for $120,000. c. Debit Accumulated depreciation on machinery account for $120,000 and credit the Loss on impairment account for $120,000. d. Debit Accumulated depreciation on machinery account for $400,000 and credit the Loss on impairment account for $400,000.