Cheney Company sold a 20-ton mechanical draw press for $54,500. The old draw pre

Question

Cheney Company sold a 20-ton mechanical draw press for $54,500. The old draw press cost $67,500 and had a book value of $50,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for disposition of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Debit Credit Cash Account 50000 Accumulated depreciation 13000 Loss on Disposition 4500 Draw Press account / Asset a/c 67500

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