Exercise 8-18 (Algo) Partial-year depreciation; disposal of plant asset LO P2 Rayya Company purchases a machine for $176,400 on January 1, 2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. (1) The machine is sold for $75,600 cash. (2) The machine is sold for $60,480 cash. View transaction list Journal entry worksheet < 3 Record the depreciation expense as of July 1, 2025. Note: Enter debits before credits. General Journal Date July 01, 2025 Depletion expense Machinery Debit 12,600 Credit 12,600

Exercise 8-18 (Algo) Partial-year depreciation; disposal of plant asset LO P2 Rayya Company purchases a machine for $176,400 on January 1, 2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. (1) The machine is sold for $75,600 cash. (2) The machine is sold for $60,480 cash. View transaction list Journal entry worksheet < 3 Record the depreciation expense as of July 1, 2025. Note: Enter debits before credits. General Journal Date July 01, 2025 Depletion expense Machinery Debit 12,600 Credit 12,600

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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