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Question - During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following:
Asset
Original Cost
Residual Value
Estimated Life
Accumulated Depreciation (straight-line)
Machine A
$57,000
$10,800
7 years
$26,400 (4 years)
Machine B
15,300
2,450
5 years
7,710 (3 years)
The machines were disposed of in the following ways:
Machine A: Sold on January 2, for $34,600 cash.
Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal).
Required - Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year.
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