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can anyone help me with this? Please try to write clearly and mak sure that everything can be seen. Thank you:) PA9-2 (Algo) Recording and
can anyone help me with this? Please try to write clearly and mak sure that everything can be seen. Thank you:)
PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5) Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Residual Estimated Accumulated Depreciation Asset Cost Value Life (straight-Line) Machine A $33,000 $3,600 4 years $22,058 (3 years) Machine B 65,280 4,300 14 years $47,850 (11 years) The machines were disposed of in the following ways: a. Machine A Sold on January 1 for $11,700 cash. b. Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Step by Step Solution
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