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Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totalling over $1.4 billion in property and equipment. It also develops,

Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totalling over $1.4 billion in property and equipment. It also develops, operates, and markets time-share properties totalling nearly $2 billion. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:

Furniture (cost) $ 6,000,000
Accumulated depreciation 5,500,000

Required:
1.

Prepare the journal entry for the disposal of the furniture, assuming that it was sold for

a. $500,000 cash

b. $1,600,000 cash

c. $400,000 cash

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