Identify the gain or loss on disposal of the asset.

The (Gain/Loss) on the disposal of the asset is $__________.

Record the journal entry for the sale

Cash	______
Accumulated Depreciation	______
Machinery		______
Gain on sale of machinery		______

Identify the gain or loss on disposal of the asset.

Record the journal entry for the sale

Cash	______
Accumulated Depreciation	______
Machinery		______
Gain on sale of machinery		______

On May 31, 2018, M. Benke Company sold a piece of machinery it had purchased on January 1, 2011, with an original cost of $204,000. The asset had a useful life of 10 years and a scrap value of $60,000. It sold the asset for $257,000 in cash. Benke recorded depreciation through December 31, 2017, using the straight-line method. What was the carrying value of the asset on the date of sale? What is the gain or loss on disposal? Record the journal entry for the sale. Determine the carrying value of the asset on the date of sale. The carrying value of the asset on the date of sale is $ On May 31, 2018, J. Franz Company sold a piece of machinery it had purchased on January 1, 2011, with an original cost of $355,000. The asset had a useful life of 15 years and a scrap value of $67,000. It sold the asset for $265,000 in cash. Franz recorded depreciation through December 31, 2017, using the straight-line method. What was the carrying value of the asset on the date of sale? What is the gain or loss on disposal? Record the journal entry for the sale. Determine the carrying value of the asset on the date of sale. The carrying value of the asset on the date of sale is $