On April 1, 2014, an uninsured machine was totally destroyed in an accident at Rogers' manufacturing plant. The machine had been acquired on January 1, 2011, at a cost of $70,000. The machine had been expected to have a useful life of seven years and a residual value of $7,000. Rogers depreciates machines using the straight-line method and computes depreciation to the nearest whole month. No depreciation has been recorded in 2014.
Required:
Record the 2014 depreciation expense and the disposal of the machine.

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The Answer of On April 1, 2014, an uninsured machine was totally destroyed in an accident at Rogers' manufacturing plant. The machine had been acquired on January 1, 2011, at a cost of $70,000. The machine had been expected to have a useful life of seven years and a residual value of $7,000. Rogers depreciates machines using the straight-line method and computes depreciation to the nearest whole month. No depreciation has been recorded in 2014.
Required:
Record the 2014 depreciation expense and the disposal of the machine.

On April 1, 2014, an Uninsured Machine Was Totally Destroyed