Reference no: EM132709499
Rayya Co. purchases a machine for $201,600 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.
Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each separate situation. (1) The machine is sold for $100,800 cash. (2) The machine is sold for $84,672 cash.
JOURNAL ENTRY WORKSHEET
Record the depreciation expense as of July 1, 2023.
DATE GENERAL JOURNAL DEBIT CREDIT
Jul 1, 2023: Depreciation expense ____________ _____________
Accumulated Depreciation-Machinery ____________ _____________
Record the sale of the machinery for $100,800 cash.
DATE GENERAL JOURNAL DEBIT CREDIT
Jul 1, 2023: Cash 100,800 ____________
Accumulated Depreciation-Machinery ____________ _____________
Gain on sale of machinery ____________ _____________
Machinery _____________ _____________
Record the machine sold for $84,672 cash.
DATE GENERAL JOURNAL DEBIT CREDIT
Jul 1, 2023: Cash 84,672 ____________
Accumulated Depreciation-Machinery ____________ _____________
Loss on sale of machinery ____________ _____________
Machinery _____________ _____________
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