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Candy Craze purchased and installed a machine on January 1 , 2 0 2 3 , at a total cost of $ 2 9 7

Candy Craze purchased and installed a machine on January 1,2023, at a total cost of $297,500. 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 1,2027, 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 1,2027.
Journal entry worksheet
1
Record' partial year depreciation in year of disposal.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[July 01,2027,,,],[,,,],[,,,],[,,,],[,,,]]
Candy Craze purchased and installed a machine on January 1,2023, at a total cost of $297,500. 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 1,2027, 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 1,2027.
Journal entry worksheet
1
Record partial year depreciation in year of disposal.
Note: Enter debits before credits.
\table[[Date`,General Journal,Debit,Credit],[July 01,2027,,,],[,,,],[,,,],[,,,],[,,,]]
Record the disposal under each of the following unrelated assumptions:
a. The machine was sold for $113,000 cash.
Journal entry worksheet
1
Record the sale of machine for $113,000.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[July 01,2027,,,=],[,,,],[,,,],[,,,],[,,,],[,,,]]
b. Candy Craze received an insurance settlement of $97,000 resulting from the total destruction of the machine in a fire.
Journal entry worksheet
1
Record receipt of $97,000 from insurance settlement.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[July 01,2027,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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