Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pequeos Yo Company purchased a machine for $210,000 in cash on April 1, 20X1. The machine has an estimated useful life of years and an

image text in transcribed
Pequeos Yo Company purchased a machine for $210,000 in cash on April 1, 20X1. The machine has an estimated useful life of years and an estimated salvage value of $20,000. Pequeos Yo Company uses the straight-line method for computing depreciation expense. Which ONE of the following is included in the journal entry necessary to record the sale of the machine for $150,000 cash at the end of 20x27 Note: The sale takes place after the recording of Depreciation Expense for 20x2. O ACREDIT 10 Accumulated Depreciation for $41.563 O A CREDIT to Machine for $190,000 O ACREDIT to Lots on sale of Machine for $18.438 O A DEUIT Accumulated Depreciation for $47,500 O A DEBIT to Loss on Sale of Machine for $18,438 O A CREDIT to Gain on Sale of Machine for $1.563 O A DEBIT to Gain on Sale of Machine for $18,438 O A DEBIT to Loss on Sale of Machine for $12,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Managerial Accounting By Gleim Exam Questions And Explanations

Authors: Gleim

8th Edition

1581945663, 978-1581945669

More Books

Students also viewed these Accounting questions

Question

How do our characteristics of speech influence communication?

Answered: 1 week ago

Question

Define organisation chart

Answered: 1 week ago

Question

What are the advantages of planning ?

Answered: 1 week ago

Question

Explain the factors that determine the degree of decentralisation

Answered: 1 week ago

Question

What Is acidity?

Answered: 1 week ago

Question

Explain the principles of delegation

Answered: 1 week ago

Question

1. Identify three approaches to culture.

Answered: 1 week ago

Question

2. Define communication.

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago