Disposal of a Tangible Capital Asset On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was 15 years old, for $6,000. The machine, which originally cost $105,000, had accumulated depreciation of $102,500. Required: Prepare the journal entry to record the disposal of the machine. For those boxes in which no entry is required, leave the box blank.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
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Problem 3RE: Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not...
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Disposal of a Tangible Capital Asset

On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was 15 years old, for $6,000. The machine, which originally cost $105,000, had accumulated depreciation of $102,500.

Required:

Prepare the journal entry to record the disposal of the machine. For those boxes in which no entry is required, leave the box blank.

 

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