Flott Corp.purchased a machine on January 1,Year 1,for $60,000.The company decided to depreciate the machine over an eight-year period using the straight-line method.The company estimated its residual value at $4,000.Show how the costs should be presented on the balance sheet and income statement for the full year ended June 30,Year 3.Label the statements properly.

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The Answer of Flott Corp.purchased a machine on January 1,Year 1,for $60,000.The company decided to depreciate the machine over an eight-year period using the straight-line method.The company estimated its residual value at $4,000.Show how the costs should be presented on the balance sheet and income statement for the full year ended June 30,Year 3.Label the statements properly.