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On 2 January 2018, Gormly Ltd purchased a machine for $165000. The machine had a useful life of 5 years and a residual value of $5000. Straight-line depreciation is used. The machine is to be disposed of on 1 July 2022. Ignore GST. Gormly Ltd balances its accounts on 31 December.
Required
Problem (a) What entry should be made to record depreciation before the disposal?
Problem (b) Provide journal entries to record the disposal of the machine under each of the following assumptions.
i. The machine is sold for $80 000 cash.
ii. The machine is sold for $48 500 cash.
iii. The machine and cash of $120 000 are exchanged for a new machine with a cash price of $140 000.
iv. The machine was completely destroyed by fire and cash of $45 000 was received from the insurance company.
v. The machine and cash of $140 000 are exchanged for a new machine with a cash price of $170 000.
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