Need help with accounting asap Ly Company disposed of two different assets. On January 1, prlor to disposal of the assets, the accounts reflected the following:AccumulatedDepreciationIOriginalCost$24,00059,200ResidualAssetMachine AMachine BEstimatedLife5 years14 years$ 2,0003,200$17,600 (4 years)48,000 (12 years)The machines were disposed of In the following ways:a. Machine A This machine was sold on January 1 for $5,750 cash.b. MachIne B: On January 1, this machine suffered irreparable damage from an accident and was removed Immedlately by a salvagecompany at no cost.Required:1. Prepare the Journal entries related to the disposal of each machline at the beginnling of the current year. Transaction "a" relates to therecording of the depreclation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry Is required for atransaction/event, select "No Journal entry required" In the first account field.)Machine A - Jan. 1.Vlaw traneaction listJournal entry worksheet2.Record the entry for disposal of Machine A.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditb.Record entryClear entryVew general JourmalMachine B - January 1:Vlew transaction llatJournal entry worksheetRecord the entry for disposal of Machine B.Nate: Enter debits before credits. Ly Company disposed of two different assets. On January 1. prlor to disposal of the assets, the accounts reflected the followingAccunulated.OriginalCostResidualAssetMachine AMachine DCstinatedLifes years14 years(stralght-11ne).$17,600 (4 years)48,000 (12 years)ane59,200The machines were disposed of in the following waysa. Machine A This machine was sold on January 1 for $5.750 cash.b. Machine B: On January 1 this machine suffered Irreparable damage from an accident and was removed Immediately by a salvagecompany at no cost:Requtred:1. Prepare the journal entries related to the disposal of each machine at the beginnlng of the current year Transaction a" relates to therecording of the depreclation, and trancaction "b" relates to the recording of the dispogal of the machine. (If no entry Is requlred for atransaction/event, select " NoJournal entry required" In the first account field.)Machine A-Jan. 1Vaw tranasction itatJournal entry worksheetRecord the depreciation expense.Note: Enter debs before creditsTransactionGeneral Journal,DebitCreditRacord entryClaar entryMachine B-January 1Visw tranesction llstJournal entry worksheetRecord the depreciation expense.INote: Enterdenits beone.crec/tsTransactionGeneral JoumalDebitCredita.學

Disposal Accounting:- Account titles & Explanations Cash Accumulated…

Ly Company disposed of two different assets. On January 1, prlor to disposal of the assets, the accounts reflected the following: Accumulated Estimated Depreciation (straight-line) $17,600 (4 years) 48,000 (12 years) Original Residual Value $2,000 3, 200 Asset Cost Life $24,e00 59, 200 Machine A 5 years 14 years Machine B The machines were disposed of In the followlng ways: a. Machine A: This machine was sold on January 1 for $5.750 cash. b. Machine B: On January 1., this machine suffered Irreparable damage from an accident and was removed Immediately by a salvage company at no cost. Required: 1. Prepare the Journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreclation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry Is required for a transaction/event, select "No Journal entry reguired" In the first account field.)

Ly Company disposed of two different assets. On January 1, prlor to disposal of the assets, the accounts reflected the following: Accumulated Estimated Depreciation (straight-line) $17,600 (4 years) 48,000 (12 years) Original Residual Value $2,000 3, 200 Asset Cost Life $24,e00 59, 200 Machine A 5 years 14 years Machine B The machines were disposed of In the followlng ways: a. Machine A: This machine was sold on January 1 for $5.750 cash. b. Machine B: On January 1., this machine suffered Irreparable damage from an accident and was removed Immediately by a salvage company at no cost. Required: 1. Prepare the Journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreclation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry Is required for a transaction/event, select "No Journal entry reguired" In the first account field.)

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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