Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000.
Question:
Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine.
(a) What entry would Thornton make to record the sale of the machine for $25,000 cash?
(b) What entry would Thornton make to record the sale of the machine for $15,000 cash?
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Related Book For 
Accounting Tools For Business Decision Making
ISBN: 9781118771112
5th Edition
Authors: Kimmel, Wetlands, Kieso
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