Question
Millworks Company owns a milling machine that cost $125,100 and has accumulated depreciation of $94,700. Prepare the entry to record the disposal of the milling
Millworks Company owns a milling machine that cost $125,100 and has accumulated depreciation of $94,700. Prepare the entry to record the disposal of the milling machine on January 5 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing. Millworks disposed of the machine, receiving nothing in return. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 5 (Click to select) (Click to select) (Click to select) 2. Millworks sold the machine for $15,700 cash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 5 (Click to select) (Click to select) (Click to select) (Click to select) 3. Millworks sold the machine for $30,400 cash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 5 (Click to select) (Click to select) (Click to select) 4. Millworks sold the machine for $40,700 cash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 5 (Click to select) (Click to select) (Click to select) (Click to select)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started