During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accountsreflected the following:AssetMachine AMachine BOriginal.Cost$56,00015,200The machines were disposed of in the following ways:View transaction listNa. Machine A: Sold on January 2, for $34,500 cash.b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal).No1Required:1.82. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry isrequired for a transaction/event, select "No Journal Entry Required" in the first account field.)234ResidualValue.$10,5002,400DateJanuary 02EstimatedLifeView Journal entry worksheetJanuary 02January 02January 027 years5 years.No Journal Entry RequiredAccumulatedDepreciation(straight-line).$26,000 (4 years)7,680 (3 years)General JournalCashAccumulated Depreciation-EquipmentGain on Disposal of PPENo Journal Entry RequiredAccumulated Depreciation-EquipmentLoss on Disposal of PPEDebit34,50026,0007,680CreditⓇ During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accountsreflected the following:AssetMachine AMachine BNoThe machines were disposed of in the following ways:1OriginalCost$56,00015,2002a. Machine A: Sold on January 2, for $34,500 cash.b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal).3Required:1.82. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry isrequired for a transaction/event, select "No Journal Entry Required" in the first account field.)4DateJanuary 02ResidualValue:$10,5002,400January 02EstimatedLifeJanuary 027 years.5 yearsJanuary 02Answer is not complete.AccumulatedDepreciation(straight-line)$26,000 (4 years)7,680 (3 years)General JournalNo Journal Entry RequiredCashAccumulated Depreciation-EquipmentGain on Disposal of PPENo Journal Entry RequiredAccumulated Depreciation-EquipmentLoss on Disposal of PPE>>>>>>Debit34,50026,0007,680Credit

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Description: During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accountsreflected the following:AssetMachine AMachine BOriginal.Cost$56,00015,200The machines were disposed of in the following w

When an asset is sold for more than the book value of an asset there is gain on disposal , if…

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During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Residual Value. $10,500 2,400 7 years 5 years The machines were disposed of in the following ways: Asset Machine A Machine B a. Machine A: Sold on January 2, for $34,500 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). View transaction list / Required: 1.&2. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 1 Original Cost $56,000 15,200 2 3 4 Estimated Life View Journal entry worksheet Date January 02 January 02 January 02 January 02 No Journal Entry Required Accumulated Depreciation (straight-line). $26,000 (4 years). 7,680 (3 years) General Journal Cash Accumulated Depreciation-Equipment Gain on Disposal of PPE No Journal Entry Required Accumulated Depreciation-Equipment Loss on Disposal of PPE Debit 34,500 26,000 7,680 Credit

During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Residual Value. $10,500 2,400 7 years 5 years The machines were disposed of in the following ways: Asset Machine A Machine B a. Machine A: Sold on January 2, for $34,500 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). View transaction list / Required: 1.&2. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 1 Original Cost $56,000 15,200 2 3 4 Estimated Life View Journal entry worksheet Date January 02 January 02 January 02 January 02 No Journal Entry Required Accumulated Depreciation (straight-line). $26,000 (4 years). 7,680 (3 years) General Journal Cash Accumulated Depreciation-Equipment Gain on Disposal of PPE No Journal Entry Required Accumulated Depreciation-Equipment Loss on Disposal of PPE Debit 34,500 26,000 7,680 Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 12PB: Farm Fresh Agriculture Company purchased Sunny Side Egg Distribution for $400,000 cash when Sunny...

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