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Rayya Co. purchases a machine for $105,000 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and
Rayya Co. purchases a machine for $105,000 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each separate situation. (1) The machine is sold for $45,500 cash. (2) The machine is sold for $25,000 cash. View transaction list Journal entry worksheet 2 3 Record the depreciation expense as of July 1, 2023. Note: Enter debits before credits Date General Journal Debit Credit July 01, 2023 Record entry Clear entry View general journal Cala Manufacturing purchases land for $190,000 as part of its plans to build a new plant The company pays $33,500 to tear down an old building on the lot the and $17000 to fill and level the lot. It also pays construction costs of $1,452,200 for the new building and $87,800 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. View transaction list Journal entry worksheet Record the total costs of the plant assets. Note: Enter debits before credits Debit General Journal Transaction Credit Record entry View general journal Clear entry
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