Oconnor company ordered a machine on january 1 2012 at a, Ask an Expert

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O'Connor Company ordered a machine on January 1, 2012, at a purchase price of $40,000. On the date of delivery, January 2, 2012, the company paid $10,000 on the machine and signed a Iong-term note payable for the balance. On January 3, 2012, it paid $350 for freight on the machine. On January 5, O'Connor paid installation costs relating to the machine amounting to $2,400. On December 31, 2012 (the end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,750.

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Accounting Basics, Accounting

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