Quigley Co. bought a machine on January

by | Mar 18, 2020 | Uncategorized

Quigley Co. bought a machine on January 1, 2013 for $1,400,000. It had a $120,000 estimated
residual value and a ten-year life. An expense account was debited on the purchase date.
Quigley uses straight-line depreciation. This was discovered in 2015.
Instructions
Prepare the entry or entries related to the machine for 2015.
Solution 22-83

Equipment…………………………………………………………………………….1,400,000
Retained Earnings……………………………………………………………..1,144,000
**Accumulated Depreciation?Equipment (2 × $96,000)……………..256,000**

Depreciation Expense……………………………………………………………………128,000
Accumulated Depreciation?Equipment………………………………….128,000

***How did you get the 96,000 and the 256,000? and the retained earnings??? Please explain.

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