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Give journal entries for following: 1. Record the depreciation of Machine A. 2. Record the disposal of Machine A. 3. Record the depreciation of Machine
Give journal entries for following:
1. Record the depreciation of Machine A.
2. Record the disposal of Machine A.
3. Record the depreciation of Machine B.
4. Record the disposal of Machine B.
5. Record the depreciation of Machine C.
6. Record the disposal of Machine C.
Required information P8-6 (Algo) Recording and Interpreting the Disposal of Three Long-Lived Assets LO8-3, 8-5 [The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,200 cash. b. Machine B: Sold on December 31 for $11,200; received cash, $2,300, and a $8,900 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10 , a salvage company removed the machine at no costStep by Step Solution
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