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Arte-miy333 [17]
3 years ago
8

During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts

reflected the following:
Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line)
Machine A $55,000 $12,300 7 years $24,400 (4 years)
Machine B 15,800 2,700 5 years 7,860 (3 years)

The machines were disposed of in the following ways:

a. Machine A: Sold on January 2, for $35,100 cash.
b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal).

Required:
Give the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year.
Business
1 answer:
julsineya [31]3 years ago
7 0

Answer and Explanation:

The journal entries are shown below:

1) Journal entry

On Jan 2

No journal entry is required  

On Jan 2

Cash $35100  

Accumulated depreciation-Machine A $24400  

          To Gain on sale of machine A  4500

         To Machine A  55000

(Being the sale of machine A is recorded)  

2) Journal entry

On Jan 2

No journal entry is required  

On Jan 2  

Accumulated depreciation-Machine B 7860  

Loss on disposal of machine B 7940  

           To Machine B  15800

(Being disposal of machine B is recorded)  

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