On January 1, 2020, The Fio Corporation purchased a machine for $600,000. The corporation estimated a...

On January 1, 2020, The Fio Corporation purchased a machine for $600,000. The corporation estimated a 5-year useful life (or 300,000 units of useful life) and $60,000 residual/salvage value.

45000 Units were produced in 2020.

6 points:

Complete the following table using the indicated depreciation method and year for each row of the table.

Method	Depreciation expense	Accumulated depreciation	Book value
Straight-line for 2020
Double-declining balance 2020
Double-declining balance 2021
Units-of-production 2020

4 points:

What would the journal entry be if the straight-line method was used and the machine was sold on 12/31/2020 for $500,000?

Expert Solution

ekkarill92 answered 1 year ago

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