At the beginning of the year . Grillo Industries bought three used machines from Freeman Incorporated .The machines were immediately overhauled, installed and started operating Because the machines were recorded separately in the accounts
Cost of the asset Machine A Machine B Machine c..
- $10, 600
- Residual Cost 1,100.
- Total Cost 9,500
Assuming a 5 yr life what should be the JE at the end of the first Yr .My calculations Cr accumulated dep 1,900 and debit Debep exp 1,900 but my debit was wrong. am i missing something.