ULUIG.UULI JUL ULUMIeej E12-10 (similar to) Question Help Hom Allyson Corporation recently decided to dispose of a significant portion of its plant assets. The assets to be held for disposal are summarized here: PER (Click the icon to view the assets to be held for disposal.) When the assets were held for disposal, the following changes in fair value occurred: (Click the icon to view the changes in fair value.) At the time the decision was made to dispose of the assets, the book values of the assets approximated their fair values Assume that costs to sell the assets are zero. Requirement Prepare any journal entries necessary to account for the changes in fair value for Years 1 and 2. (Record debits first then credits. Exclude explanations from any journal entries.) Begin by recording the journal entry to reclassify the machinery held for sale Date of Decision Partial Credito Account to Dispose Choose from any list or enter any number in the input fields and then click Check Answer 5 parts Check Answer remaining Clear All it does Questio similar to) mrporation recently decided to dispose of a significant When the assets were held for disposal, the follow its plant assets. The assets to be held for disposal in fair value occurred: arized alue Kthe id i Assets to be held for disposal me the ht for alues of th debit e that cos rnal er Description Machinery* Equipment** by record Cost $ 696,600 $ 1,551,900 Accumulated depreciation (348,300) (620,760) ccount Net book value at year end $ 348,300 $ 931,140 "Machinery is depreciated by the straight-line method, assuming a 6-year life with no scrap value. The asset was acquired 3 years ago. "Equipment is depreciated by the straight-line method, assuming a 10-year life with no scrap value. The asset was acquired 4 years ago. Print Choose from any list or enter any number in the input fields and then click Chery Au Done] 5 parts fick the icon to view the assets to be held for disposal.) time the decision was made to dispose of the assets, the values of the assets app me that costs to sell the 0 Changes in fair value Requirement Prepare any journal entries necessary to account for and 2. (Record debi s from any journal e in by recording the journal Account Subsequent Year End of Year 1 fair value End of Year 2 fair value Machinery Equipment $ 200,500 $ 900,700 $ 215,600 $ 950,900 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts