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Some of my answers are wrong idk which ones Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of
Some of my answers are wrong idk which ones
Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $176,400. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate assumptions: (1) The machine is sold for $75,600 cash. (2) An insurance settlement of $60,480 is received due to the machine's total destruction in a fire. View transaction list View journal entry worksheet Credit No 1 Date July 01, 2022 General Journal Depreciation expense Accumulated depreciation Machinery Debit 12,600 12,600 2 July 01, 2022 75,600 44,100 Cash Accumulated depreciation Machinery Gain on sale of machinery Machinery 12,600 176,400 3 July 01, 2022 60,480 44,100 Cash Accumulated depreciationMachinery Loss from fire Machinery 27,720 176,400Step by Step Solution
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