4. Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000.

Answer each of the following independent questions:

Required:

If the company sold the machinery for $105,000, prepare a journal entry to record the sale.

If the company sold the machinery for $48,000, prepare a journal entry to record the sale.

B. Discuss the following:

1. Discuss the nature of, and the accounting for, intangible assets.

2. Illustrate the balance sheet presentation of plant assets and intangible assets.