3 Question 2 of 2 E D (b) Your answer is partially correct. Date Apr. 1, 2026 Apr. 1, 2026 R On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) % V T Account Titles and Explanation G Depreciation Expense Accumulated Depreciation - Machinery (To record current depreciation.) Cash eTextbook and Media Accumulated Depreciation - Machinery Machinery Gain on Disposal of Machinery (To record sale of the machine.) B H HQ Search N U J M K L DELL LCOP { [ 1 ? 1 Debit 111 Enter Delete Shift Ctrl End 15/30 1 1 Attempts: 3 of 3 used 1 PgDn ||| ↓ Credit Home End 400 0 Ins W S Question 2 of 2 < View Policies Show Attempt History Current Attempt in Progress D depreciation at this date are as follows. On December 31, 2025, Blue Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated Machine Less: Accumulated depreciation Book value (a) $ Depreciation is computed at $86,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. ✓ Your answer is correct. Your Answer Correct Answer (Used) F % Y A fire completely destroys the machine on August 31, 2026. An insurance settlement of $619,200 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) H $1,872,000 N U 518,400 $1,353,600 J M Search K L DELL { ? 1 CE 31 Enter Delete Shift 15/30 E Ctrl End PgDn Home 4 End
3 Question 2 of 2 E D (b) Your answer is partially correct. Date Apr. 1, 2026 Apr. 1, 2026 R On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) % V T Account Titles and Explanation G Depreciation Expense Accumulated Depreciation - Machinery (To record current depreciation.) Cash eTextbook and Media Accumulated Depreciation - Machinery Machinery Gain on Disposal of Machinery (To record sale of the machine.) B H HQ Search N U J M K L DELL LCOP { [ 1 ? 1 Debit 111 Enter Delete Shift Ctrl End 15/30 1 1 Attempts: 3 of 3 used 1 PgDn ||| ↓ Credit Home End 400 0 Ins W S Question 2 of 2 < View Policies Show Attempt History Current Attempt in Progress D depreciation at this date are as follows. On December 31, 2025, Blue Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated Machine Less: Accumulated depreciation Book value (a) $ Depreciation is computed at $86,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. ✓ Your answer is correct. Your Answer Correct Answer (Used) F % Y A fire completely destroys the machine on August 31, 2026. An insurance settlement of $619,200 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) H $1,872,000 N U 518,400 $1,353,600 J M Search K L DELL { ? 1 CE 31 Enter Delete Shift 15/30 E Ctrl End PgDn Home 4 End
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 2.4C
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