Cheek Your W& Y% undergraduate xYQou Bond ou Check Your Wo > x. CableWiFi™ ezto.

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Cheek Your W& Y% undergraduate xYQou Bond ou Check Your Wo > x. CableWiFi™ ezto.mheducation.com/hm.tpx Bookmarks ESCI 111 Quiz 10 F CP9.2 Recording and Interpreting the Disposal of Long-Lived Assets LO 9-5] During the current year, Martnez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Original Residual Estimated Depreciation AssetCost Value Machine A $85,700 $10,400 3,900 15 years $65,260 (13 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $29,500 cash b. Machine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on January 2 of the current year. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) ape Weteh to caeh e secad ooa osndolwlbe of he asset at the time of disposal. Answer is not complete. Date General Journal Jan 02 29,500 65.260 Gain on Disposal 9.060 Jan 02 19,200 10.300 Loss on Disposal 29,500 2 4

Explanation / Answer

**entry for machine B is complete

for machine A you forgot to credit equipment by 85700 in your entry (entry is unbalanced]

Date Account debot credit jan2 cash 29500 Accumulated depreciation --equipment 65260 Gain on disposal 9060 Equipment 85700 [being equipment is sold at a gain]

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