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Question
Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. What journal entry would be needed to record the machines' first year depreciation under the units-of-production method?A.Debit Depletion Expense $25,800; credit Accumulated Depletion $25,800.
B.Debit Depletion Expense $29,025; credit Accumulated Depletion $29,025.
C.Debit Depreciation Expense $29,025; credit Accumulated Depreciation $29,025.
D.Debit Depreciation Expense $25,800; credit Accumulated Depreciation $25,800.
E.Debit Amortization Expense $24,000; credit Accumulated Amortization $24,000.
Answer
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