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Prepare the general journal entry to record the disposal

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Question - Pepper Ltd purchased a piece of large machinery with an invoice price of $175,000 on 1 August 2012. Other costs incurred at the time of purchase were as follows:

Delivery & installation costs, $3,000

Insurance during delivery, $500

Initial testing of the machinery, $750

One-year fire insurance policy covering the machinery, $1,500

The machinery is estimated to have zero residual value at the end of its 8-year useful life. The machinery was fully depreciated on 31 July 2020. Pepper sold the machinery for $2,000 cash on 1 August 2020.

REQUIRED - Determine the acquisition cost of machinery on 1 August 2012.

Prepare the general journal entry to record the disposal of the machinery on 1 August 2020.

Reference no: EM133066297

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