7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) $65,000 $35,000 CREDIT Non-current assets – cost $100,000 C DEBIT Accumulated depreciation $35,000 $50,000 $65,000 DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation $65,000 $35,000 $50,000 CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) $65,000 $35,000 CREDIT Non-current assets – cost $100,000 C DEBIT Accumulated depreciation $35,000 $50,000 $65,000 DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation $65,000 $35,000 $50,000 CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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