Machine sale-book value-journal entry

Assignment Help Accounting Basics

Reference no: EM1357290

On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.

Required:

a. What is the book value of the machine at the time of the sale?

b. Give the journal entry to record the sale of the machine.

Reference no: EM1357290

Questions Cloud

Treating or ameliorate the symptoms of stress and trauma : In terms of attempts to treat or ameliorate the symptoms of stress and trauma, do you think it is possible to facilitate different contingencies between those things that may trigger such memories?

Journal entry of uncollectible accounts : Sullivan Co.'s accounts receivable show the following balances by age: Prepare the adjusting journal entry.

Determine market average inflation : A five year treasury bond has a 5% yield. a 10-year treasury bond has a 6% yield. a 10-year corporate bond has an 8% yield. the market expects that inflation will average 2.5 percent over the next 10 years.

Differences with social rights and political rights : Explain what are some similarities and differences with social rights and political rights and Can you provide some issues from the news that exemplifies human

Machine sale-book value-journal entry : On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.

What is the mass of the cable : A train starts at rest at a station and accelerates at a rate of 2.0 m/s^2 for 20 seconds. Then, this train runs at a constant speed for 100 seconds and slows down at a rate of 5.0 m/s^s until it stops at the next station. compute the total distan..

Find ip subnet mask and gateway-choosing unused address : After choosing unused address from the range given in d for the IP address for a device on the LAN, what would the IP subnet mask and gateway be set to? Explain why these settings would be used.

Explain age discrimination in industrial workplace : How does the manager ethically and legally deal with someone who happens to be older and who truly cannot do the job and how are the ADA and ADEA similar; how are they different

Symptoms and treatment of acute stress disorder : This post discusses the differences, similarities, symptoms and treatment of Acute Stress Disorder (ASD) and Post-traumatic Stress Disorder (PTSD).

User Account

All Pages