1.Calculate Accumulated Depreciation for both of Asset until Disposal Date. (Using schedule if needed) 2. Calculate...

 

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1.Calculate Accumulated Depreciation for both of Asset until Disposal Date. (Using schedule if needed) 2. Calculate Gain or Loss on disposal of assets 3. Prepare Journal Entry : - on disposal date for both assets - on Dec 31 2021 if Machine A & B has not been sold Machine A $580 January 1, 2018 10 years Description Machine B Cost $800 July 1, 2019 5 years $200 Purchase Date Useful Life Residual Value Depreciation Method S80 Straight Line Declining Balance Date Sold Jan 1, 2022 Jan 1,2023 Sales Price $350 $420 1.Calculate Accumulated Depreciation for both of Asset until Disposal Date. (Using schedule if needed) 2. Calculate Gain or Loss on disposal of assets 3. Prepare Journal Entry : - on disposal date for both assets - on Dec 31 2021 if Machine A & B has not been sold Machine A $580 January 1, 2018 10 years Description Machine B Cost $800 July 1, 2019 5 years $200 Purchase Date Useful Life Residual Value Depreciation Method S80 Straight Line Declining Balance Date Sold Jan 1, 2022 Jan 1,2023 Sales Price $350 $420