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sesenic [268]
4 years ago
6

Raine Company has a machine that originally cost $58,000. Depreciation has been recorded for four years using the straight-line

method, with a $5,000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine. Prepare the journal entry to record the machine's sale for:
a. $37,000 cash
b. $36,800 cash
c. $28,000 cash
Business
1 answer:
astraxan [27]4 years ago
5 0

Answer:

a. Cash                                            37000 Dr

   Accumulated depreciation       21200 Dr

              Machine                                58000 Cr

              Gain on disposal                  200 Cr

b.   Cash                                            36800 Dr

     Accumulated depreciation       21200 Dr

              Machine                                   58000 Cr

c.   Cash                                            28000 Dr

     Accumulated depreciation       21200 Dr

     Loss on disposal                        8800 Dr

              Machine                                    58000 Cr

Explanation:

The depreciation expense per year under straight line is:

Depreciation per year = (58000 - 5000) / 10 = 5300

For four years, accumulated depreciation is 5300 * 4 = 21200

The carrying value is 58000 - 21200 = 36800

The gain/loss on disposal is cash received - carrying value.

a. The gain/loss on disposal = 37000 - 36800 = 200 gain

b. The gain/loss on disposal = 36800 - 36800 = 0

c. The gain/loss on disposal = 28000 - 36800 = -8800 loss

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4 years ago
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8 0
4 years ago
As part of the initial investment, a partner contributes equipment that had originally cost $100,000 and on which accumulated de
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Answer:

Explanation:

$100,000 debit to the Equipment asset account because you are recording the actual original cost of the equipment (as is required by the Cost Principle of Depreciation). You should also credit the Accumulated Depreciation: Equipment account for $75,000 to show that the equipment has already depreciated for this amount.

3 0
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4 years ago
Q2. Custom Cuts Landscaping year-end balance sheet lists current assets ast $458,600, fixed assets at $658,200, current liabilit
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the shareholder equity is $295,400

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The computation of the shareholder equity is given below:

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3 years ago
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