HW Score: 0%, 0 of Score: 0 of 1 pt E12-10 (similar to) Question Help set to be Holmes Corporation recently decided to dispose of a significant portion of its plant assets. The hold for disposal are summarved here Click the icon to view the assets to be held for posa) When the assets were hold for disposal, the following changes in far value ocurred (Click the icon to view the changes in fair value) co Alte lime the decision was made to dispose of the assets, the book values of the assets approximated their fair values. Assume that costs to sell the assets are zero Requirement Prepare any oumal ontos necessary to account for the changes in fair value for Years 1 and 2 debit first, then credits Exclude explanations from any journal entries.) Begin by recording the journal entry to reclassify the machinery held for sale Date of Decision Account fo Dispose and then click Check Answer 4 of 4 (0 completely HW Score: 0%, 0 of 4 pts 30 of 1 pt -10 (similar to) Question Help o sa channsin vain.com as Corporation recently decided to dispose of a significant portion of its plant assets. The assets to be Want bald for discl or disposal are summarized here: Click the icon to view the assets to be held for disposal) Assets to be held for disposal - X 2.(Record time the decision was made to dispose of the assets, the book values of the assets aproximated fair values. Assume that ca n accianza n by recording the journal 0 Changes in fair value Subsequent Year End of Year 1 fair value End of Year 2 fair value Machinery Equipment $ 200.500 $ 900 400 $ 215,600 S 950,500 Descriptio Machinery Equipment $ 606,400 $ 1551,300 Accumulated depreciation (348,200) (620.720 $ 348.200 $ 31,080 Netbook value of year and "Machinery is depreciated by the straight-line method, assuming a 6-year life with no scrap value. The asset was acquired 3 years ago "Equipment is depreciated by the straight-line method, assuming a 10-year life with no scrap value. The asset was acquired 4 years ago Print Done Print Done foldrand then click Check