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answer online is wrong so dont use that During the current year, Fortini Company disposed of three different assets. The company's accounts reflected the following
answer online is wrong so dont use that
During the current year, Fortini Company disposed of three different assets. The company's accounts reflected the following on January 1 of the current years, prior to the disposal of the assets: The machines were disposed of in the following ways: a. Machine A: Sold on January 1 of the current year for $5,000cash. b. Machine B. Sold on April 1 for $10,500; received cash, $2,500, and a note receivable for $8,000, due on March 31 of the following year, plus 6 percent interest. c. Machine C. Suffered irreparable damage from an accident on July 2. On July 10, a salvage company removed the machine at no cost. The machine was insured, and $18,000 cash was collected from the insurance company. Required: 1. Prepare all journal entries related to the disposal of each machine in the current year. (If no entry is required for transaction/event, select "No journal entry required" in the first account field. Round the final answer to nearest whole dollar.) Step by Step Solution
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