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Helen [10]
3 years ago
14

On January 2, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to

record the disposal under each separate situation. The machine is sold for $18,250 cash. The machine is traded in for a new machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. The machine is traded in for a new machine having a $60,200 cash price. A $15,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.
Mathematics
1 answer:
jeyben [28]3 years ago
3 0

Answer:

The accounting entry under each condition is given below.

The machine is sold for $18,250 cash

Debit Cash Asset                              $ 18,250

Debit accumulated depreciation     $ 24,625

Debit Loss on disposal                     $    1,125

Credit Machine Cost                         $ 44,000

The machine is traded in for a new machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash.

Debit New Machine Asset                $ 60,200

Debit accumulated depreciation      $ 24,625

Credit profit on disposal                    $    5,625

Credit Machine Cost                          $ 44,000

Credit Cash Asset (60,200-25,000) $ 35,200

The machine is traded in for a new machine having a $60,200 cash price. A $15,000 trade-in allowance is received,

Debit New Machine Asset                  $ 60,200

Debit accumulated depreciation        $ 24,625

Debit loss on disposal                         $   4,375

Credit Machine Cost                           $ 44,000

Credit Cash Asset (60,200-15,000)   $ 45,200

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Answer:

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Step-by-step explanation:

<u><em>There is a mistake in the question so the correct question is below:</em></u>

A horse takes 3 steps to walk the same distance for which a goat takes 4 steps. Suppose 1 step of the horse covers 1/2 of a metre. How many metres would the goat cover in taking 24 steps?

Now, to find the meters goat cover in taking 24 steps.

As 1 step of horse covers =  \frac{1}{2} \ meter.

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<u><em>So, the distance covers by goat in 4 steps = 1.5 meters.</em></u>

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