Sullivan Sales purchased a machine on January 1,2013 which cost $450,000,had a residual value of $50,000 and a useful life of 10 years.Sullivan Sales can replace this machine with one that is more efficient and sells the old machine for $100,000 on July 1,2015.
Required:
Prepare the appropriate journal entry to record the sale of this machine,assuming the company uses the double-declining-balance method of depreciation.

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The Answer of Sullivan Sales purchased a machine on January 1,2013 which cost $450,000,had a residual value of $50,000 and a useful life of 10 years.Sullivan Sales can replace this machine with one that is more efficient and sells the old machine for $100,000 on July 1,2015.
Required:
Prepare the appropriate journal entry to record the sale of this machine,assuming the company uses the double-declining-balance method of depreciation.

Sullivan Sales Purchased a Machine on January 1,2013 Which Cost