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i know i messed up the depreciation expense because the machinery was sold in the middle of the fifth year, however, it says the answer
i know i messed up the depreciation expense because the machinery was sold in the middle of the fifth year, however, it says the answer is not complete. So, what am i missing?
Rayya Co. purchases a machine for $184,800 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2024, and to record the sale under each separate situation. (1) The machine is sold for $92,400 cash. (2) The machine is sold for $77,616 cash. X Answer is not complete. No Date General Journal Debit Credit 1 July 01, 2024 92,400 Depreciation expense Accumulated depreciationMachinery 92,400 X 2 July 01, 2024 Cash Accumulated depreciationMachinery Machinery 92,400 92,400 X 184,800 3 July 01, 2024 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery 77,616 92,400 14,784 X 184,800Step by Step Solution
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