Machine with a Useful Life of 5 Years and a Residual

question 11

Essay

Machine with a useful life of 5 years and a residual value of $6,000 was purchased on January 3, 2016, for $48,500.The machine was sold on January 5, 2021, for $13,000.
(a)What is the book value of the machine on January 5, 2021, assuming straight-line depreciation is used?
(b)Illustrate the effects on the accounts and the financial statements of the sale of the machine on January 5, 2021.
(c)Illustrate the effects on the accounts and the financial statements of the sale of the machine if it had been sold for $18,000 instead.

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Definitions:

Suicidal Thoughts

Thoughts or ideation about taking one's own life, often associated with depression or other mental health disorders.

Oral Sex

Sexual activity involving the stimulation of the genitalia by the use of the mouth, lips, or tongue.

Explicit Sexual Message

A clear and direct communication about sexual intentions, desires, or practices.

Sexually Active Teens

Adolescents who engage in sexual intercourse.