1 and 2

t THFEE Different Sale Prices Marriott International is a worldwide operator and franchiser of hotels and related lodging facilities totaling nearly $1.5 billion in net property and equipment. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regard- ing the sale of the existing furniture: E8-17 LO8-5 Furniture (cost) Accumulated depreciation $8,000,000 7.700,000 Required: 1. Give the journal entry for the disposal of the furniture, assuming that it was sold for a. $300,000 cash b. $900,000 cash c. $100,000 cash 2. Based on the three preceding situations, explain the effects of the disposal of an asset