Exercise 10-24 (Part Level Submission) On December 31, 2017, Blue Inc. has a mac

Question

Exercise 10-24 (Part Level Submission) On December 31, 2017, Blue Inc. has a machine with a book value of $1,334,800. The original cost and related accumulated depreciation at this date are as follows. Machine $1,846,000 511,200 $1,334,800 Book value Depreciation is computed at $85,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal

Explanation / Answer

Date Account titles and explanation Debit Credit August 31, 2018 Cash $610,600 Accumulated Depreciation—Machinery($56,800 + $511,200) $568,000 Loss on Disposal of Machinery $667,400 Machine $1,846,000

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