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Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on JanuaryNo Debit Credit Date July 01, 2022 General Journal Depreciation expense Accumulated depreciation-Machinery 22 July 01, 2022 C

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Journal entry

No date General Journal Debit Credit
1 July 01,2022 Depreciation expense (100800/7)*6/12 7200
Accumulated depreciation-Machinery 7200
2 July 01,2022 Cash 43200
Accumulated depreciation-Machinery (100800/7*4.5) 64800
Gain on sale of machinery 7200
Machinery 100800
3 July 01,2022 Cash 34560
Accumulated depreciation-machinery 64800
Loss from fire 1440
Machinery 100800
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