At the beginning of the year . Grillo Industries bought three used machines from

Question

At the beginning of the year . Grillo Industries bought three used machines from Freeman Incorporated .The machines were immediately overhauled, installed and started operating Because the machines were recorded separately in the accounts

Cost of the asset Machine A    Machine B Machine c..

                                    $10, 600

Residual  Cost              1,100.

Total Cost                     9,500

Assuming a 5 yr life what should be the JE at the end of the first Yr .My calculations Cr accumulated dep 1,900 and debit Debep exp 1,900 but my debit was wrong. am i missing something

Explanation / Answer

cost/yr residual value cost of asset 10600 1100 9500 9500 1100 8400 8400 1100 7300 7300 1100 6200 6200 1100 5100

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