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Need help with journal entry. Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset
Need help with journal entry. Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $36,000 72,200 Residual Value $ 4,300 5,000 Estimated Life 5 years 15 years Accumulated Depreciation (straight-line) $25,360 (4 years) 53,760 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $11,000 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 is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits. General Journal Debit Date Credit January 01 View general journal Record entry Clear entry View transaction list Journal entry worksheet
Need help with journal entry.
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