On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for...
On June 1, 2016, Zinba Company retired a piece of equipment that
was originally purchased for $250,000. At December 31, 2015, the
equipment had a book value of $75,000 and was being depreciated on
a straight-line basis at $25,000 per year. Zinba sold the equipment
for $60,000.
Prepare the journal entries necessary to record the disposal of the
machine. You must SHOW YOUR WORK!!!
Homework Answers
Journal entry on disposal of machine
| Debit | Credit | |
| Cash | $60,000 | |
| Accumulated Depreciation | $175,000 | |
| Loss on disposal of Equipment | $15,000 | |
| Equipment | $250,000 |
Accumulated Depreciation = 250,000-75000 = 175,000
Loss on disposal of Equipment = 250,000- 175,0000-60,000 = 15,000
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