disposal, the accounts reflected the following: Original Residual Estimated Cost
ID: 2397087 • Letter: D
Question
disposal, the accounts reflected the following: Original Residual Estimated Cost Machine A $68,000 $11,900 2,300 Life 6 years$28,050 (3 years) 4 years Machine B 15,000 6,350 (2 years) The machines were disposed of in the following ways: Machine A: Sold on January 2, for $42,600 cash. immediately by a salvage company at no cost. a. from an accident and was Required 182. Give the journal entries related to the disposal of Machine A and Machine B on January 2 of the entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) General Debit No 1January 02 No ya MacBook AExplanation / Answer
Answer:
Date
General Journal
Debit $
Credit $
Jan,-2
No entry
Jan,-2
Cash
42600
Accumulated depreciation- Machine A
28050
Gain on Disposal
2650
Equipment
68000
Jan,-2
No entry
Jan,-2
Accumulated depreciation-Machine B
6350
Loss on Disposal of machine
8650
Equipment
15000
Notes:
here on january-2 no entry for the depreciation because it is starting of the year
Date
General Journal
Debit $
Credit $
Jan,-2
No entry
Jan,-2
Cash
42600
Accumulated depreciation- Machine A
28050
Gain on Disposal
2650
Equipment
68000
Jan,-2
No entry
Jan,-2
Accumulated depreciation-Machine B
6350
Loss on Disposal of machine
8650
Equipment
15000
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