On April 1, 2015, Tritt sold the machine for $1,660,880 to Dwight Yoakam Company

Question

On April 1, 2015, Tritt sold the machine for $1,660,880 to Dwight Yoakam Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requiredselect "No Entry" for the account titles and enter 0 for the amounts.) On July 31, 2015, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,756,700. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requiredselect "No Entry" for the account titles and enter 0 for the amounts.)

Explanation / Answer

case Account title Debit credit a Depreciation expense 63880 Accumulated depreciation 63880 [to recorde depreciation   95820*8/12] Accumulated depreciation 638800 Cash 686710 Loss on machine 750590 Machinery 2076100 case b Depreciation expense 23955 Accumulated depreciation 23955 [to record depreciation 95820 * 3/12 ] Accumulated depreciation 598875 cash 1660880 Gain on sale 183655 Machinery 2076100 case c depreciation 55895 accumulated depreciation   [95820 * 7/12] 55895

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