Respuesta :
The total amount of depreciation expense paid for each capital asset since the time it was used by a business is called accumulated depreciation.
It basically refers to the total amount of an asset's depreciation throughout its lifespan.
How would we work out gathered devaluation?
The accumulated depreciation is the sum of all depreciation since the purchase, while the depreciation expense is the amount recognized each period. Contra assets include the accumulated depreciation account because it is a credit-balanced asset.
31st August 2021 Cash $498,800
Accumulated Depreciation - Machine ($417,600+ $46,400) $464,000
Loss on Disposal of Machinery ($1,508,000 – $464,000 – $498,800) $545,200
Machinery $1,508,000 (To record loss of machine)
Depreciation Expense ($69,600*8/12) $46,400
Accumulated Depreciation - Machine $46,400 (To record current dep.)
To learn more about accumulated depreciation here:
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