Exercise 10-24A Recording plant asset disposals LO P2, P5 The following information applies to the questions displayed below) On January 2 2017, Bering Co disposes of a machine costing $44,.000 with accumulated de preciatian of $24,625. Prepare n 1 o13 the entries to record the disposal under each of the following separate assumptions Exercise 10-24A Part 1 nt 1. The machine is sold for $18.250 cash eBook Hint Auk Prim eferences View transaction list Journal entry worksheet 1 Record the sale of the machine for $18,250 cash. Note: Enter debits before credits General Journal Date Jan 02 Debit Cr Credd 6 Exercise 10-24A Recording plant asset disposals LO P2, P5 The following information applies to the questions displsyed below On January 2. 2017, Bering Co disposes of a machine costing $44.000 with accumulated depreciation of $24.625. Prepare 2 of 3 the entries to record the disposal under each of the following separate assumptions Exercise 10-24A Part 2 for a newer machine having a 360.200 cash price A $25,000 trade-in allowance is received and the eBook Hnt Ask Pint eterence balanc e is paid in cash Assume the asset exchange has commercial substance View transaction ist Journal entry worksheet Record the exchange assuming that the exchange has commercial substance Note: Enter debits before credits Date General Journal Debit Credit 7 Exercise 10-24A Recording plant asset disposals LO P2, P5 IThe following information appliles to the questions displayed below On January 2 2017. Bering Co disposes of a machine cost ing $44.000 with accumulated depreciation of $24 625 Prepare Pert 3 of3 the entries to record the disposal under each of the following separate assumptions Exercise 10-24A Part 3 points 3. The machine is traded in for a newer machine having a $60200 cash price. A $15.000 trade-in allowance is received, and t balance is paid in cash Assume the asset exchange has commercial substance Book Hns Ask Pant Poference View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance Note: Enter debits before credits Gener al Journal Debit Credit Date Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions dispiayed below] Onalow Co purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2.840 cost On January 3, it is installed on a required opersting platform costing $1,160, and it is further readied for oper ations. The company predicts the machine will be used for six years and have a $14000 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of Pan 1 of 3 points Problem 10-6A Part 1 Book Ask Print Required 1. Prepare journal entries to recard the machine's purchase and the costs to ready and install it Cosh is paid for all costs incurred View transaction list Journal entry worksheet Record the purchase of a used machine for $178,000 cash. Note: Enter debits before credts 9 Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following information applies ro the questions displayed below Onslow Co purchases a used machin ow Co purchases a used machine for $178000 cash on January 2 and readies it for use the next day at a $2.840 cost On January 3, it is installed on a required o company predicts the machine will be used for six years and have a $14.000 salvage value. Depreciation is t on a straight-line basis. On December 31, at the end of its fifth year in operations, it is diposed of perating platform costing $1160, and it is further readied for operations. The o be Part 2 of 3 oints Problem 10-6A Part 2 eBook Ask Print Peferences 2 Prepare journal entries to record depreciation of the machine at December 31 View transaction list Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credis Date General Journal Debit Credt K Prey 10 of 10 Next > 1, P1, P2 IThe following information applies to the questions displayed below Onslow Co purchases a used machine for $178,000 cash on January 2 and reades it for use the next day at a $2.840 cost On January 3. it is installed on a required operating platform costing $1.160, and it is further readied for aperations The company predicts the machine will be used for six years and have a $14,000 salvage value. Deprecition is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of Problem 10-6A Part 3 eBook 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions Ask 1 Record the sole of the used machine for $15,000 cash 2 Record the sale of the used machine for $50,000 cash 3 Record the insurance settlement received of $30,000 resulting from the toral destruction of the machine in a fire eferences View transaction list Journal entry worksheet Record the sale of the used machine for $15,000 cash. Prey