Homework Answers
Answers
- Requirement 1
>Sold for $ 300,000
>Book value at time of sale = $ 750000 cost - $ 360000 accumulated depreciation = $ 390,000
>Book value is MORE than sale price = LOSS on sale.
Exclusive manufacturing will record a LOSS of $ 90,000 on sale of machinery. [$390000 – 300000]
- Requirement 2
--Entry to record sale
|
Date |
Accounts title |
Debit |
Credit |
|
01-Jan |
Cash |
$300,000 |
|
|
Accumulated depreciation - machinery |
$360,000 |
||
|
Loss on sale/disposal |
$90,000 |
||
|
Machinery |
$750,000 |
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Please help. The requirements are the questions.
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Please help. The requirements are the questions.
Thanks
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