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Byrd Inc., a calendar year-end company, purchased a machine on 1/1/X1 with the following attributes: Cost...

Byrd Inc., a calendar year-end company, purchased a machine on 1/1/X1 with the following attributes:

Cost $ 50,000
Salvage Value $ 2,000
Useful life 4 years


Assuming that Byrd uses the straight-line depreciation method, answer each of the following questions: (do not include decimals or cents)

Question #1: How much depreciation expense should be recorded in 20X2 (the second year of the asset's life)? Answer: $Answer.


Question #2: What should be the balance in the "Accumulated Depreciation" account at the end of 20X2, after all year-end journal entries? Answer: $Answer.


Question #3: What should be the book value of the machine at the end of 20X2, after all year-end journal entries? Answer: $Answer.

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