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Alpha Co. purchased a machine on January 1, 2017, for $60,000.
Alpha Co. purchased a machine on January 1, 2017, for $60,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000 Alpha sold the machine on January 1, 2021 for $10,000. Alpha used the double declining method for depreciation. Using this information, how much is ( enter whole dollars only. for loss amount enter the $ & value inside of the brackets)
- the 2020 depreciation expense
- the accumulated depreciation after the fiscal year 2020 adjusting entry
- the book value of the machine after adjusting entry made on December 31, 2020
- the gain/loss for the equipment sale entry made on January 1, 2021