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During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. D. Machine B. C. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: . Give all journal entries related to the disposal of each machine in the current year. Required A Required B Required C Original Cost $21,000 120,000 85,000 View transaction list Complete the following questions by preparing worksheet and journal entries given below. < Journal entry worksheet Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Residual Value $3,000 14,000 5,000 2 Transaction January 01 Record the depreciation of Machine A. Note: Enter debits before credits. Estimated Life 8 years 10 years 15 years Record entry Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) General Journal Clear entry Debit Credit View general journal

During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. D. Machine B. C. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: . Give all journal entries related to the disposal of each machine in the current year. Required A Required B Required C Original Cost $21,000 120,000 85,000 View transaction list Complete the following questions by preparing worksheet and journal entries given below. < Journal entry worksheet Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Residual Value $3,000 14,000 5,000 2 Transaction January 01 Record the depreciation of Machine A. Note: Enter debits before credits. Estimated Life 8 years 10 years 15 years Record entry Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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answer in text form please (without image), Note: .Every entry should have narration please
During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Original Cost $21,000 120,000 85,000 Complete the following questions by preparing worksheet and journal entries given below. View transaction list < Required B Required C 1 Residual Value $3,000 14,000 5,000 Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Transaction January 01 2 Record the depreciation of Machine A. Note: Enter debits before credits. Record entry Estimated Life 8 years 10 years 15 years Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Original Cost $21,000 120,000 85,000 Complete the following questions by preparing worksheet and journal entries given below. View transaction list < Required B Required C 1 Residual Value $3,000 14,000 5,000 Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Transaction January 01 2 Record the depreciation of Machine A. Note: Enter debits before credits. Record entry Estimated Life 8 years 10 years 15 years Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) General Journal Clear entry Debit Credit View general journal >
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