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please answer each column fully. thank you! Flounder Company has an old factory machine that cost $65,750. The machine has accumulated depreciation of $36,820. Flounder
please answer each column fully. thank you!
Flounder Company has an old factory machine that cost $65,750. The machine has accumulated depreciation of $36,820. Flounder has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $32,875 cash. (b) Prepare a tabular summary to record the sale of the machine for $19,725 cash. (if a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Assets Liabilities + Cash Equipment Accum. Depr.- Equip Bal. $ $ (a) Stockholders' Equity Retained Earnings Common Stock Revenue Expense Dividend Dividend $ Gain on disposal Loss on disposal (b) Assets = Liabilities Cash Equipment Accum. Depr.- Equip Bal $ $ A. . Stockholders' Equity Retained Earnings Expense Common Stock Revenue Dividend $ Step by Step Solution
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