Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost Residual Value Estimated Life 10 years 10 years 17 years $21,000 130,000 75,700 $3,000 15,600 5,300 Accumulated Depreciation (straight line) $14,400 (8 years) 91,520 (8 years) 49,694 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $6,000 cash. b. Machine B: Sold on December 31 for $50,040; received cash, $40,032, and an $10,008 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost.

Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost Residual Value Estimated Life 10 years 10 years 17 years $21,000 130,000 75,700 $3,000 15,600 5,300 Accumulated Depreciation (straight line) $14,400 (8 years) 91,520 (8 years) 49,694 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $6,000 cash. b. Machine B: Sold on December 31 for $50,040; received cash, $40,032, and an $10,008 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost.

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Description: please dont provide answer in an image format thank you !Required information[The following information applies to the questions displayed below.]During the current year, Yost Company disposed of three different assets. On January 1 of the current ye

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.6E

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