As HOMEWORKLIB RULES honor code if more then one question are asked only once question can be answered at at time I have solved here question 1 and 2 hope you understand
Answer 1. d. credit gain on disposal for $1000
as
On sale of machine following journal entry will be passed
Date | General Journal | Debit | Credit |
Cash | $ 2,500 | ||
Accumulated Depreciation-Taxi | $ 1,500 | ||
Gain on Disposal | $ 1,000 | ||
Machine | $ 3,000 | ||
(Machine disposed off for cash) |
Answer 2. debit accumulated depreciation account $1500
as
On sale of machine following journal entry will be passed
Date | General Journal | Debit | Credit |
Cash | $ 3,800 | ||
Accumulated Depreciation-Taxi | $ 1,500 | ||
Gain on Disposal | $ 3,00 | ||
Machine | $ 5,000 | ||
(Machine disposed off for cash) |
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