Homework Answers
Machinery cost - $52,000
Accumulated depreciation = $29,120
(a)
| Date | Account Title & Explanation | Debit $ | Credit $ |
| Cash | 26,120 | ||
| Accumulated depreciation | 29,120 | ||
| Gain on sale of machinery ($52,000 - $26,120 - $29,120) | 3,240 | ||
| Machinery | 52,000 | ||
| Sale of old machinery costing $59,000 for cash $26,120 |
(b)
| Date | Account Title & Explanation | Debit $ | Credit $ |
| Cash | 36,120 | ||
| Accumulated depreciation | 29,120 | ||
| Gain on sale of machinery ($52,000 - $36,120 - $29,120) | 13,240 | ||
| Machinery | 52,000 | ||
| Sale of old machinery costing $59,000 for cash $36,120 |
The gain in both the cases will be transferred to Income statement and will be considered as realized capital gain as part of comprehensive income.
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