Check my work P8-6 (Algo) Recording and Interpreting the Disposal of Three Long-Lived Assets L08-3, 8-5 [The following information applies to the questions displayed below) During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Original Residual Estimated Depreciation Asset Cost Value Life (straight line) Machine A $ 27,000 $3,000 6 years $16,000 (4 years) Machine B 65,000 10 years 48,800 (8 years) Machine 76,000 16 years 53,175 (12 years) 4.ee 5,100 The machines were disposed of during the current year in the following ways: a Machine A Sold on January 1 for $10,400 cash. b. Machine 8: Sold on December 31 for $10,800; received cash, $2,100, and a $8,700 interest-bearing (12 percent) note receivable due at the end of 12 months c. Machine C: On January 1, this machine suffered irreparable damage from an accident on January 10, a salvage company removed the machine at no cost. P8-6 Part 1 Check my work P8-6 Part 1 Required: 1. Give all journal entries related to the disposal of each machine in the current year. a, Machine A b. Machine B. c Machine C Complete the following questions by preparing worksheet and journal entries given below. Required A Required B Required Give all journal entries related to the disposal of Machine A in the current year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction fist Journal entry worksheet MAIRIE Required information Journal entry worksheet Record the depreciation of Machine A. Note: Enter debits before credits. General Journal Debit Credit Transaction January 01 Record entry Clear entry View gen journal Journai entry worksheet A B > Record the disposal of Machine A. Note: Enter debits before credits. General Journal Debit Credit Transaction January 01 Record entry Clear entry View general journal Required information Journal entry worksheet Record the depreciation of Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Required information Journal entry worksheet B Record the disposal of Machine B. Note: Enter debits before credits. General Journal Debit Credit Transaction December 31 Required information Journal entry worksheet B Record the depreciation of Machine C. Note: Enter debits before credits. General Journal Debit Credit Transaction January 01 Required information Journal entry worksheet
