Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2023. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), Jan. 1, 2018 $920,000 Residual value estimated on Jan. 1, 2018 160,000 Estimated life as of Jan. 1, 2018 8 years The machine was sold for $181,000 cash. Pacifica uses the straight-line method of depreciation. Required: 1. Prepare the journal entry to record depreciation expense for 2023. If an amount box does not require an entry, leave it blank. 2023 Dec. 31 Depreciation Expense fill in the blank ff27e7f9bf8ff9b_2 fill in the blank ff27e7f9bf8ff9b_3 Accumulated Depreciation fill in the blank ff27e7f9bf8ff9b_5 fill in the blank ff27e7f9bf8ff9b_6 2. Compute accumulated depreciation at December 31, 2023. $fill in the blank 302029002fc5075_1 3. Prepare the journal entry to record the sale of the machine. If an amount box does not require an entry, leave it blank. 2023 Dec. 31 Cash fill in the blank 14684dfc8004025_2 fill in the blank 14684dfc8004025_3 Accumulated Depreciation fill in the blank 14684dfc8004025_5 fill in the blank 14684dfc8004025_6 Loss on Disposal of Property, Plant, and Equipment fill in the blank 14684dfc8004025_8 fill in the blank 14684dfc8004025_9 Machine fill in the blank 14684dfc8004025_11 fill in the blank 14684dfc8004025_12

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 15PB: Urquhart Global purchases a building to house its administrative offices for $500,000. The best...

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Question

Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2023. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine:

Cost (installed), Jan. 1, 2018	$920,000
Residual value estimated on Jan. 1, 2018	160,000
Estimated life as of Jan. 1, 2018	8 years

The machine was sold for $181,000 cash. Pacifica uses the straight-line method of depreciation.

Required:

1. Prepare the journal entry to record depreciation expense for 2023. If an amount box does not require an entry, leave it blank.

2023 Dec. 31	Depreciation Expense	fill in the blank ff27e7f9bf8ff9b_2	fill in the blank ff27e7f9bf8ff9b_3
	Accumulated Depreciation	fill in the blank ff27e7f9bf8ff9b_5	fill in the blank ff27e7f9bf8ff9b_6

2. Compute accumulated depreciation at December 31, 2023.
$fill in the blank 302029002fc5075_1

3. Prepare the journal entry to record the sale of the machine. If an amount box does not require an entry, leave it blank.

2023 Dec. 31	Cash	fill in the blank 14684dfc8004025_2	fill in the blank 14684dfc8004025_3
	Accumulated Depreciation	fill in the blank 14684dfc8004025_5	fill in the blank 14684dfc8004025_6
	Loss on Disposal of Property, Plant, and Equipment	fill in the blank 14684dfc8004025_8	fill in the blank 14684dfc8004025_9
	Machine	fill in the blank 14684dfc8004025_11	fill in the blank 14684dfc8004025_12