P8-6 (Algo) Recording and Interpreting the Disposal of Three Long-Lived Assets LO8-3, 8-5

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Self-Study Exercises i Saved Help Save & Exit Submit Check my work 3 Required information View transaction list Part 1 of 2 Journal entry worksheet 20 points eBook Record the disposal of Machine B. Print References Note: Enter debits before credits. General Journal Debit Credit Transaction December 31 OneDrive Record entry Clear entry View general journal Screenshot saved The screenshot was added to your OneDrive. Mc Graw Prev 3 4 of 5 Next > Self-Study Exercises i Saved Help Save & Exit Submit Check my work 3 Required information View transaction list Part 1 of 2 Journal entry worksheet 20 points eBook Record the depreciation of Machine B. Print References Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record entry Clear entry View general journal Self-Study Exercises i Saved Help Save & Exit Submit Check my work 3 ! Part 1 of 2 Required information P8-6 (Algo) Recording and Interpreting the Disposal of Three Long-Lived Assets LO8-3, 8-5 (The following information applies to the questions displayed below.) 20 points 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: eBook Estimated Life Residual Value $ 3,000 Asset Machine A Machine B Machine C Print Original Cost $ 27,000 49,000 75,400 Accumulated Depreciation (straight line) $19,200 (8 years) 33,750 (6 years) 46,467 (12 years) 10 years 8 years 18 years 4,000 References 5,700 The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $7,200 cash. b. Machine B: Sold on December 31 for $10,225; received cash, $2,400, and a $7,825 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 Self-Study Exercises i Saved Help Save & Exit Submit Check my work 3 Required information Journal entry worksheet Part 1 of 2 20 points Record the disposal of Machine C. eBook Note: Enter debits before credits. Print References References Transaction General Journal Debit Credit January 01 Record entry Clear entry View general journal OneDrive Check my work 3 Required information VIEW SUILLUS Part 1 of 2 Journal entry worksheet 20 points Record the depreciation of Machine A. eBook Print Note: Enter debits before credits. References Transaction General Journal Debit Credit January 01 Record entry Clear entry View general journal Check my work 3 ! Required information Journal entry worksheet Part 1 of 2 20 points Record the disposal of Machine C. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit January 01 Record entry Clear entry View general journal OneDrive 20 points Record the disposal of Machine A. eBook Print 11 Note: Enter debits before credits. References General Journal Debit Credit Transaction January 01 Record entry Clear entry View general journal