PA9-2 (Algo) Recording and Interpreting the Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Cost Estimated Life Residual Value $31,000 $3,100 60,200 3,500 The machines were disposed of in the following ways: Asset Machine A Machine B a. Machine A: Sold on January 1 for $8,700 cash. b. Machine B: On January 1, 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 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 6 years 15 years Accumulated Depreciation (straight-line) $23,250 (5 years) $45,360 (12 years) 4 Note: Enter debits before credits. Record the current year depreciation for Machine A prior to disposal.

PA9-2 (Algo) Recording and Interpreting the Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Cost Estimated Life Residual Value $31,000 $3,100 60,200 3,500 The machines were disposed of in the following ways: Asset Machine A Machine B a. Machine A: Sold on January 1 for $8,700 cash. b. Machine B: On January 1, 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 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 6 years 15 years Accumulated Depreciation (straight-line) $23,250 (5 years) $45,360 (12 years) 4 Note: Enter debits before credits. Record the current year depreciation for Machine A prior to disposal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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