Chap. $8$: Long$-$lived ASSETS $($last one$)6$

Required Information

$($The following intomation applles to the questions displayed below$)$

During the current year, Yost Company disposed of three different assets. On January $1$ of the current year, prior to the disposal of the assets, the accounts reflected the following:

$\backslash$table$[[\backslash$table$[[$Asset$],[$Hachine$]],\backslash$table$[[$Original$],[$Cost$]],\backslash$table$[[$Residual$],[$Value$]],\backslash$table$[[$Estimated$],[$Life$]],\backslash$table$[[$Accumulated$],[$Depreciation$],[($straight line$)]]],[\backslash$table$[[$A$],[$Machine$]],100,000,$$$3,000,10$ years,$$21,600(8$ years$)],[$B$,12,000,10$ years,$70,400(8$ years$),],[\backslash$table$[[$Machine$],[$C$]],75,600,6,900,17$ years,$48,494(12$ years$)]]$

The machines were dlsposed of during the current year in the following ways:

a$.$ Machine A: Sold on January $1$ for $$7,800$ cash.

b$.$ Machine $8$: Sold on December $31$ for $$42,800,$ receved cash, $$34,240,$ and an $$8,560$ Interest$-$bearing $(12$ percent$)$ note recelvable due at the end of $12$ months.

c$.$ Machine C: On January i$,$ this machine suttered irreparable damage from an accident. On January $10,$ a salvage company removed the machine at no cost$.$

Required:

Glve all joumal entrles related to the disposal of each machine in the current year.

a$.$ Machine A$.$

b$.$ Machine $8.$

c$.$ Machine C$.$

Complete the following questions by preparing worksheet and journal entries given below.

$\backslash$table$[[$Required$,$Required,Required$],[$A$,$B$,$C$]]$

Give all journal entries related to the disposal of Machine B in the current year.

Note: If no entry is required for a transactionjevent, select $"$No journal entry required" in the first account field.

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Wew transaction list

Yiew journal entry worksheet

$\backslash$table$[[$No Transaction,General Journal,,,$],[1,\backslash$table$[[$December$],[31]],$Accounts payable,,$],[,,,,],[,,,,]]$