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Candy Craze purchased and installed a machine on January 1, 2020. at a total cost of $305,900. Straight line depreciation was taken each year for
Candy Craze purchased and installed a machine on January 1, 2020. at a total cost of $305,900. Straight line depreciation was taken each year for four years, based on the assumption of a seven-year life and no residual value. The machine was disposed of on July 1. 2021, during its fifth year of service. Candy Craze's year-end Is December 31 Required: Present the entries to record the partial year's depreciation on July 1, 2021 View transaction list Journal entry worksheet 1 Record partial year depreciation in year of disposal. Note: Enter debits before credits Date General Journal Debit Credit July 01, 2021 Record the disposal under each of the following unrelated assumptions: a. The machine was sold for $125,000 cash. View transaction list Journal entry worksheet
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