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Is correct to debit gain on sale of machinery

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Question 1) Last year on 1 March 2020, Sunshine Ltd sold an item of machinery for $260,000 to Valley Ltd. At the date of sale, Sunshine Ltd had recorded the asset at a carrying amount of $135,000 (cost was $150,000 depreciated at 10% for one year). Is it correct to debit Gain on Sale of Machinery for $125,000 and credit Machinery for $125,000 on 30 June 2021? Do we need to do anything else?

Reference no: EM132994514

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