MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.5 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:
| Furniture (cost) | $ | 6,140,000 |
| Accumulated depreciation | 5,621,000 | |
Required:
1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)
a. $519,000 cash
b. $1,602,000 cash
c. $418,000 cash
Homework Answers
1) Journal entry
| No | General Journal | Debit | Credit |
| Cash | 519000 | ||
| Accumulated depreciation-Furniture | 5621000 | ||
| Furniture | 6140000 | ||
| (To record sale of furniture) |
2) Journal entry
| No | General Journal | Debit | Credit |
| Cash | 1602000 | ||
| Accumulated depreciation-Furniture | 5621000 | ||
| Gain on sale of furniture | 1083000 | ||
| Furniture | 6140000 | ||
| (To record sale of furniture) |
3) Journal entry
| No | General Journal | Debit | Credit |
| Cash | 418000 | ||
| Accumulated depreciation-Furniture | 5621000 | ||
| Loss on sale of furniture | 101000 | ||
| Furniture | 6140000 | ||
| (To record sale of furniture) |
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