A v2.cengagenow.com1 FA2021 - Financial Accounting : OverviewOEXCHANGE PASSWORD REQUIREDO CengageNOWv2 | Online teaching and learning resource tEnter your password for "hjmolin" in InternetAccounts.6m agеВookDisposal of an Operating AssetJolie Company owns equipment with a cost of $170,000 and accurmulated depreciation of $90,100.Required:Prepare the journal entry to record the disposal of the equipment on April 9 assuming:1. Jolie sold the equipment for $83,900 cash. If an amount box does not require an entry, leave it blank.Apr. 9 Accumulated DepreciationCashGain on Disposal of Property, Plant, and EquipmentEquipmentFeedbackCheck My Work1. The book value (both the cost and accumulated depreciation accounts) at the date of disposition should be removed and any related gain or loss (thedifference between the cash proceeds and the book value) should be recognized.2. Jolie sold the equipment for $74,300 cash. If an amount box does not require an entry, leave it blank.Apr. 9 Accumulated DepreciationCashLoss on Disposal of Property, Plant, and EquipmentEquipmentFeedhackDrovious

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Description: A v2.cengagenow.com1 FA2021 - Financial Accounting : OverviewOEXCHANGE PASSWORD REQUIREDO CengageNOWv2 | Online teaching and learning resource tEnter your password for "hjmolin" in InternetAccounts.6m agеВookDisposal of an Operating AssetJolie Compa

Solution 1 Date Account title Debit Credit 09-Apr Accumulated depreciation 90100 Cash…

Answered: Flie Company owns equipment with a cost…

Business

Accounting

Flie Company owns equipment with a cost of $170,000 and accurhulated dep equired: epare the journal entry to record the disposal of the equipment on Anril 9

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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Question Description The original cost of a machine was $60,000. After $45,000 of depreciation was recorded, the machine was traded in on a new machine of like purpose priced at $75,000. A $10,500 trade-in allowance was received on the old machine and the balance of $64,500 was paid in cash. Prepare the general journal entry to record this trade-in.
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