E8-17 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices LO8-5 MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.4 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:

3 C is incorrect stated debit accumulation depreciation 5,670,000, please provide guidance

8 E8-17 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices L08-5 15 points MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nea $1.4 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: eBook Furniture (cost) Accumulated depreciation $6,190,000 5,670,000 Hint References Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) a. $520,000 cash b. $1,606,000 cash C. $411,000 cash View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Cash 520,000 5,670,000 Accumulated depreciation Furniture 6,190,000 2 b. Cash 1,606,000 5,670,000 Accumulated depreciation Gain on sale of long-lived asset Furniture 1,086,000 6,190,000 3 c. Cash 411,000 5,670,000 Accumulated depreciation Loss on sale of long-lived asset Furniture 1,090,000 6,190,000