Williams Company Acquired Machinery on July 1, Year 1, at a Cost

question 65

Essay

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.
(b) Record the journal entry for the sale of the machinery.

---

Definitions:

Dictionaries

Reference books or online resources that list words and their meanings, providing information about their pronunciation, origin, and usage.

Databases

A collection of structured information or data, typically stored electronically in a computer system.

Specialized Content

Content that is designed for a specific audience, often focusing on niche topics that require particular expertise or interest.

Peer-reviewed Articles

Articles that have been evaluated and critiqued by independent experts in the same field before publication, ensuring the research's validity, significance, and originality.