Business, 25.11.2021 07:30 saintsfan2004

Zimmer Company sold the following two machines in 2021: Machine A Machine B
Cost $76,000 $80,000
Purchase date 7/1/17 1/1/18
Useful life 8 years 5 years
Salvage value $4,000 $4,000
Depreciation method Straight-line Double-declining-balance
Date sold 7/1/21 8/1/21
Sales price $35,000 $16,000
Journalize all entries required to update depreciation and record the sales of the two assets in 2021. The company has recorded depreciation on the machines through December 31, 2020. (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts)
Machine A Date Account Titles and Explanation Debit Credit July 1 (To record depreciation expense) July 1 (To record the sale of asset)
Machine B Date Account Titles and Explanation Debit Credit Aug. 1 (To record depreciation expense) Aug. 1 (To record the sale of asset)

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Zimmer Company sold the following two machines in 2021: Machine A Machine B
Cost $76,000 $8...

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