Disposal PPP Assets

Candy Craze purchased and installed a machine on January 1, 2020, at a total cost of $296,800. 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, 2024, 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, 2024. View transaction list Journal entry worksheet