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1 of 2 Book Print erences IW During the current year, Yost Company disposed of three different assets. On January 1 of the current year,
1 of 2 Book Print erences IW During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost Residual Value Estimated Life 8 years 10 years 15 years $21,000 120,000 85,000 a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 interest-bearing (12 percent) note receivable due at the end of 12 months. $3,000 14,000 5,000 c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) Complete the following questions by preparing worksheet and journal entries given below. Required B Required C Give all journal entries related to the disposal of Machine C in the current year. Note: If no entry is required for a transaction/event celect "No inurnal entry required" in the first account field Check my work
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