Sale of a fixed asset To record the sale of a fixed asset: 1. Remove the asset and its accumulated depreciation from the accounting 2. Record the cash received. 3. Record any gain or loss. The gain or loss can be determined by comparin Transaction Data: 10pts, Machine #1: Machine #1: Original cost, $50 Original Cost $ 50,000 Accumulated Depreciation $ 35,000 Sold For $ 18,000 Debit Credit Cash Accumulated Depreciation - Machinery Machine Original Cost Gain or Fixed Asset Total $ $ Machine #2. Original cost $7! Debit Credit 10pts, Machine #2: Original Cost $ 75.000 Accumulated Depreciation S 65.000 Sold For $ 4.000 Cash Accumulated Depreciation -Machinery Machine Original Cost Loss on Fixed Asset Total 5 5pts. Disposal of a fixed asset To record a discarded fixed asset 1 Remove the asset and its accumulated depreciation from the accounting 2. If the asset is not fully depreciated record a loss equal to the book Value Machine Original cost $1 Machine #1: Original Cost s 10,000 Accumulated Depreciation 5 10.000 Dabit Adi Accumulated Depreciation Machinery Machine Original Cost Total 10pts, Machine #2: Original Cost $ 25,000 Accumulated Depreciation $ 20,000 Debit Credit Disposal of a fixed asset To record a discarded fixed asset: Machine #2: Original cost, $2! Accumulated Depreciation-Machinery Loss on Fixed Asset Machine Original Cost Total