Homework Answers
Answer
- Book value of asset on date of sale = $ 700000 cost - $ 300000
accumulated depreciation
= $ 400,000 - Requirement 1
National manufacturing will record a LOSS of $ 140,000 on sale of machinery. Loss = $ 400000 book value - $ 260000 cash sale. - Requirement 2
--Entry to record sale
|
Date |
Accounts title |
Debit |
Credit |
|
01-Jan-19 |
Cash |
$260,000 |
|
|
Accumulated Depreciation |
$300,000 |
||
|
Loss on sale/disposal |
$140,000 |
||
|
Machinery equipment |
$700,000 |
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