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What is the amount of the journal entry

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Question - In early 2015, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $460,000 and accumulated depreciation was $310,000. At that time, the machine was retired from operations, the book value of the machine approximated its fair value. On December 31, 2016, the fair value of the machine was determined to be $110,000. On December 31, 2017, the fair value of the machine was determined to be $160,000. For the adjusting journal entry on December 31, 2017: What account is debited? What account is credited? What is the amount of the journal entry?

Reference no: EM133096535

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