Create an Account

Already have account?

Forgot Your Password ?

Mycoursehelp

Home / Questions / Recording and Interpreting the Disposal of Long-Lived Assets LO 9 5 2 Recording and Inte...

Recording and Interpreting the Disposal of Long-Lived Assets LO 9 5 2 Recording and Interpreting the Disposal of Long

PA9-2 Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5]

PA9-2 Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On J

Journal entry worksheet 1 2 3 4 Record the current year depreciation for Machine A prior to disposal Note: Enter debits befor

Journal entry worksheet 1 2 3 4 Machine A: Sold on January 1 for $9,000 cash. Record the transaction Note: Enter debits befor

Journal entry worksheet 1 2 4 Record the current year depreciation for Machine B prior to disposal Note: Enter debits before

Journal entry worksheet 2 1 4 Machine B: On January 1, this machine suffered irreparable damage from an accident and was remo

PA9-2 Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Accumulated Estimated Life Original Residual Depreciation (straight-line) $21,600 (4 years) 44,000 (11 years) Value Asset Cost $30,000 59,200 Machine A $3,000 3,200 5 years 14 years Machine B The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $9,000 cash b. Machine B: On January 1, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the current year depreciation for Machine A prior to disposal Note: Enter debits before credits. Date General Journal Debit Credit January 01 View general journal Clear entry Record entry Journal entry worksheet 1 2 3 4 Machine A: Sold on January 1 for $9,000 cash. Record the transaction Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Journal entry worksheet 1 2 4 Record the current year depreciation for Machine B prior to disposal Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Journal entry worksheet 2 1 4 Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost Record the transaction Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry View general journal Clear entry

Feb 08 2020 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions

© 2009-2022 - myCourseHelp.com. All Rights Reserved. The certification names are the trademarks of their respective owners.