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During 2021,Melanie's Emporium exchanged an old truck costing $18,000 with accumulated depreciation of $13,000 to the date of exchange for a new truck.The new truck had a cash price of $30,000 and Melanie received a $6,000 trade-in allowance on the old truck.This transaction has commercial substance.Prepare the journal entry to record the exchange.
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(77) A new machine is expected to produce 40,000 units of product during its 5-year life.The machine cost $180,000 and is estimated to have a $20,000 residual value.If depreciation on the machine is calculated by the double-declining-balance method,what is the depreciation for the first year?
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