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During 2015, Merkley Company disposed of three different assets. On January 1, 2015, prior to their disposal the accounts reflected the following: Asset Machine A
During 2015, Merkley Company disposed of three different assets. On January 1, 2015, prior to their disposal the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost $ 42,000 45,000 75,500 Residual Value $3,000 4,000 5,700 Estimated Life 6 years 10 years 16 years Accumulated Depreciation (straight line) $ 26,000 (4 years) 32,800 (8 years) 52,350 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1, 2015, for $15,700 cash. b. Machine B: Sold on December 31, 2015, for $8,700, received cash, $2,300, and a $6,400 interest-bearing (12 percent) note receivable due at the end of 12 months C. Machine C: On January 1, 2015, this machine suffered irreparable damage from an accident. On January 10, 2015, a salvage company removed the machine at no cost. value 1.65 points Required: 1. Give all joumal entries related to the disposal of each machine in 2015, at no entry is required for a transactionlevent. Select "No journal entry required in the first account field.) a Machine A F UI UULIL 11 2015. no muy is required for transactionlevent, select "No journal entry required in the first account field.) a Machine A. View transaction list Journal entry worksheet
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