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need only the last one Show Attempt History Current Attempt in Progress On Decemter 31,2017, Buffalo inc has a machine with a book value of
need only the last one
Show Attempt History Current Attempt in Progress On Decemter 31,2017, Buffalo inc has a machine with a book value of $258,000. The original cost and related accumutated depreciation at this date are as follows. Denfeciation is computed at $71400 per year on a straight-line basis. Presented belowis a set of independent situations, For each independent situation, indicate the journal entry to be made to record the transuction. Malue sure that depreciation entries are made to update the book value of the machine prior to its disposal. A harricane completely destroys the machine on October 31, 2018. An insurance settlement of $462000 was received for this casualty. Assume the settlement was received immediately. (Credit occount titles are dutometically indented when amouitit entered. Do not indent manualk if no entry is required, select "No Entry" for the account titles and enter Ofor the ornounts. On June 1, 2018, Buffalo sold the machine for $295,000. (Credit occount titles are automatically indented when amount is entered Do not indent manually. If no entry Is required, select "No Entry" for the occount titles and enter O for the amounts) Date Account Titles and Explanation Dehit Crerlit August 31,2018 Denreciation Experme Accurtalated Depreclation Machinery (forecord current depreciation.) August 31,2018 Accumulated Depreciation Machinery Gain on Daposal of Machinery Mactinery (lo record donation of the machine.) eTextbook and Media List of Accounts Step by Step Solution
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