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Journalize the entry to record depreciation

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Problem - A machine on the ledger of Mitchell Co. was booked at an original cost of $250,000. Accumulated depreciation on the machine at December 31 was $140,000. The asset disposal/sale took place 3 months into the new year on March 31.

Required -

Journalize the entry to record $10,000 of depreciation for the three months up to the assets removal from the books on March 31.

If the machine were dumped as worthless on March 31, what the entry to record the disposal?

Reference no: EM132740957

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