Garcia Co. owns equipment that cost $78,800, with accumulated depreciation of $41,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,500 cash, (2) $37,000 cash, and (3) $31,900 cash. Rayya Co. purchases a machine for $109,200 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $46,800 cash. (2) The machine is sold for $37,440 cash. Montana Mining Co. pays $4,850,870 for an ore deposit containing 1,483,000 tons. The company installs machinery in the mine costing $234,500, which will be abandoned when the ore is completely mined. Montana mines and sells 166,400 tons of ore during the year. Prepare the year-end entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Garcia Co. owns equipment that cost $78,800, with accumulated depreciation of $41,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,500 cash, (2) $37,000 cash, and (3) $31,900 cash. Rayya Co. purchases a machine for $109,200 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $46,800 cash. (2) The machine is sold for $37,440 cash. Montana Mining Co. pays $4,850,870 for an ore deposit containing 1,483,000 tons. The company installs machinery in the mine costing $234,500, which will be abandoned when the ore is completely mined. Montana mines and sells 166,400 tons of ore during the year. Prepare the year-end entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)
