Reference no: EM132042672
Question -
Selected accounts included in the property, plant, and equipment section of Faulty Corporation's balance sheet at December 31, 2017, had the following balances: Land $ 400,000 Land improvements 130,000 Buildings 2,000,000 Machinery and equipment 800,000 .During 2018, the following transactions occurred: >> A machine costing $18,000 on July 1, 2016, was scrapped on June 30, 2018. Sum -of- the year's digits had been recorded on the basis of a 5-year life with no salvage value. A machine was sold for $38,000 on July 1, 2018. Original cost of the machine was $72,000 on Feb 28, 2015, and it was depreciated on the double-declining balance basis over an estimated useful life of eight years and a salvage value of $2,000.
a. Calculate the gain or loss on the disposal of each asset. Place your answer in the appropriate column.
b. Prepare the journal entries for the disposal & sale of the machine during 2018. Year 2018 depreciation has yet been recorded.
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