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B. The Fisher Company purchased a machine on October 1, 2020, for $80,000. At the time of acquisition, the machine was estimated to have
B. The Fisher Company purchased a machine on October 1, 2020, for $80,000. At the time of acquisition, the machine was estimated to have a useful life of five years and an estimated salvage of $5,000. Fisher has recorded depreciation using the straight-line method. On April 1, 2022, the machine was sold for $50,000. The company's fiscal year end is Dec 31. It calculates depreciation on a monthly basis, and no depreciation was recorded for 2022 yet. Record the journal entries for 2022 related to the disposal of the machine. (10 points)
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