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Record the journal entries for this asset held for sale

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Question - A used Equipment with a book value of $800,000 is being replaced by XYZ Inc . XYZ is looking for a buyer to move the used equipment out to make room for new equipment that is scheduled to be delivered within the next three months. The new equipment is sold to XYZ at $700,000.  XYZ has advertised the used old equipment for a price of $600,000. Costs of taking apart the old used equipment is approximately $100,000. Please record the journal entries for this Asset Held for Sale example.

Reference no: EM133144493

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