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Present the journal entries to record the disposal

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Question 1: On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $87,000 and had been depreciated $47,050. Present the journal entries to record the disposal under each of the following unrelated assumptions:

a. The machine was sold for $35,500 cash.

b. The machine was traded in on new tools having a $123,000 cash price. A $43,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known.

C. The machine plus $71,000 was exchanged for a delivery van having a fair value of $107,000.

d. The machine was traded for vacant land adjacent to the shop to be used as a parking lot. The land had a fair value of $78,000, and Direct Shoes Inc. paid $28,000 cash in addition to giving the seller the machine.

Reference no: EM132588199

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