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question problem 2 custom flags purchased a sewing machine in january2013 for 6 000 4277327

Question

Problem 2 Custom Flags purchased a sewing machine in January2013 for $6,000. Custom depreciated the machine using the straightline method with an estimated useful life of 10 years and aresidual value of $200. a) Calculate depreciation using thestraight line method for 2013, 2014, and 2015. b) Determine bookvalue for the sewing machine as of December 31, 2015. c) Record thejournal entry for the sale of the sewing machine on October 1, 2016for $3,600. d) Record the journal entry for the sale of the sewingmachine on October 1, 2016 for $4,000.

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