problem #8-11

8-11. A company purchased and installed a machine on January 1, 2004 at a total cost of $72.,000. Straigh-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The disposed of on July 1, 2007 machine was 8. Prepare the general journal en try to update depreciation to July 1, 2007. (Hint: year depreciation) 9. Prepare the general journal entry to record the disposal of the machine if the machine was sold for $22,000 cash. 10. Prepare the general journal entry to record the disposal of the machine if the machine was sold for $15,000 cash. 11. Prepare the general journal entry to record the disposal of the machine if the machine was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash