Do It! Review 9-3 Marigold Company has an old factory machine that cost $61,750.

Question

Do It! Review 9-3 Marigold Company has an old factory machine that cost $61,750. The machine has accumulated depreciation of $34,580. Marigold has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) What entry would Marigold make to record the sale of the machine for $30,875 cash? What entry would Marigold make to record the sale of the machine for $18,525 cash? No. Account Titles and Explanation Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIS T OF ACCOUNTS

Explanation / Answer

Journal entry No. Particular Debit Credit (a) Cash a/c. Dr. $30,875 Accumulated depreciation a/c. Dr. $34,580 To Gain on sale a/c $3,705 To machine a/c $61,750 (b) Cash a/c. Dr. $18,535 Accumulated depreciation a/c Dr. $34,580 Loss on sale a/c. Dr. $8,635 To Machine a/c $61,750

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