Blue Company has an old factory machine that cost $64,000.
Blue Company has an old factory machine that cost $64,000. The machine has accumulated depreciation of $35,840. Blue has decided to sell the machine.
(a) What entry would Blue make to record the sale of the machine for $32,840 cash?
(b) What entry would Blue make to record the sale of the machine for $22,840 cash?
Homework Answers
| A | Cash | 32,840 | |
| Accumulated Depreciation - Machine | 35,840 | ||
| Gain on sale | 4680 | ||
| Machine | 64,000 | ||
| B | Cash | 22,840 | |
| Accumulated Depreciation - Machine | 35,840 | ||
| Loss on sale | 5320 | ||
| Machine | 64,000 |
Comment if you face any issues
> can you show a step by step example
Ryan Thurston Wed, Dec 8, 2021 3:06 PM
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