E$8-16($Algo$)$ Recording the Disposal of an Asset at Three Different Sale Prices LO$8-5$

Delta Air Lines owns hundreds of aircraft, with about $60$ percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about $40$ percent. It sold seven used Boeing $767-300$ jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about $20$ years old.

Assume the records of the company reflected the following for the jets that were sold:

Aircraft cost $ $62,800,000$

Accumulated depreciation $46,800,000$

Required:

$1.$ Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for:

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

$$16,000,000$ cash

$$16,700,000$ cash

$$14,100,000$ cash Journal entries need answered: $1.$ Record the disposal of the aircraft, assuming the aircraft were sold for $$16,000,000$ cash. $2.$ Record the disposal of the aircraft, assuming that the aircraft were sold for $$16,700,000$ cash. $3.$ Record the disposal of the aircraft, assuming the aircraft was sold for $$14,100,000$ cash.