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Create a journal entry to update depreciation to July

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Question - A company purchased and installed a machine on January 1 at a total of $72,000. Straight-line depreciation was calculated based on the assumption of a five year life and no salvage value. The machine was disposed of on July 1 of the fourth year. The company uses the calendar year.

1. Create a journal entry to update depreciation to July 1 in the fourth year

2. Prepare the journal entry to record the disposal of the machine under each of these three independent situations:

a. The machine was sold for $22,000 cash.

b. The machine was sold for $15,000 cash.

c. The machine was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash.

Reference no: EM132524737

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