Question
On January 1, 2010 Jericho Company purchased machine at total cost $500,000 Useful life for machines 5-year with no residual value, company also used straight
On January 1, 2010 Jericho Company purchased machine at total cost $500,000 Useful life for machines 5-year with no residual value, company also used straight line method for depreciation.
On April 1, 2013 Company sold this machine for $180,000
Journalize the transaction
On April 1, 2013
| Cash | 180,000 | |||
| Accumulated Dep. | 321,000 | |||
| Gain | 1,000 | |||
| Machine | 500,000 | |||
| Cash | 180,000 | |||
| Accumulated Dep. | 325,000 | |||
| Gain | 5,000 | |||
| Machine | 500,000 | |||
| Cash | 180,000 | |||
| Accumulated Dep. | 325,000 | |||
| loss | 5,000 | |||
| Machine | 500,000 | |||
| Cash | 180,000 | |||
| Accumulated Dep. | 340,000 | |||
| Gain | 20,000 | |||
| Machine | 500,000 | |||
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Continuity Management Audit A Complete Guide
Authors: Gerardus Blokdyk
2019 Edition
0655845860, 978-0655845867
