Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulate Depreciation (straight-line) Original Residual Estimated

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulate Depreciation (straight-line) Original Residual Estimated Life 5years 12 years CostValue Asset Machine $43,000 %5,000 Machine 79,200 $ 30,400 (4 years) 5,400 55,350 (9 years) The machines were disposed of in the following ways: a Machine A: Sold on January 1 for $13,500 cash. b Machine B: On January 1, this machine was sold to a salvage company at zero proceeds (and zero cost of removal) Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year (If no entry required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Required: 1.& 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the current year depreciation for Machine A prior to disposal. es Note: Enter debits before credits. Debit Credit Date General Journal January 01 Record entry Clear entry View general journal 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction Journal entry worksheet Machine A: Sold on January 1 for $13,500 cash. Record the transaction. es Note: Enter debits before credits. Date General Journal Debit c Credit anuary 01 Record entry Clear entry View general journal Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the current year depreciation for Machine B prior to disposal. es Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal Prev2 of 3 Next > 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ped View transaction list ok Journal entry worksheet Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Record the transaction. nces Note: Enter debits before credits. Date General Journal DebitCredit January 01 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Analysis Part 1 Facts Of Auditing

Authors: Dr. L. KAILASAM

1st Edition

1670149455, 978-1670149459

More Books

Students also viewed these Accounting questions

Question

How autonomous should the target be left after the merger deal?

Answered: 1 week ago