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6) On January 2, 1993, Revere Company disposed of a machine that cost $163,000 and that had been amortized $91,500. Present the General Journal entries
6) On January 2, 1993, Revere Company disposed of a machine that cost $163,000 and that had been amortized $91,500. Present the General Journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $58,500 cash. b. The machine was traded in on a new machine of like purpose having a $205,000 cash price. A $75,000 trade-in allowance was received, and the balance was paid in cash. C. A $65,000 trade-in allowance was received for the machine on a new machine of like purpose having a $205,000 cash price. The balance was paid in cash. d. The machine was traded for a used machine of like purpose and $1,500 cash was paid e. The machine was traded for vacant land adjacent to the company to be used as a parking lot. The land had a fair value of $150,000, and Revere paid $70,000 cash in addition to giving the seller the machine
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