Rayya Co. purchases and installs a machine on January 1, 2009, at a total cost of $94,000.
Question:
(1) The machine is sold for $43,593 cash.
(2) Rayya receives an insurance settlement of $39,480 resulting from the total destruction of the machine in a fire.
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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2013 July 1 Depreciation Expense 5875 Accumulated DepreciationMachinery 5875 To record one...View the full answer
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