Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.6 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation Required: $ 6,120,000 5,602,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions. a. $518,000 cash b. $1,601,000 cash c. $401,000 cash

Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.6 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation Required: $ 6,120,000 5,602,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions. a. $518,000 cash b. $1,601,000 cash c. $401,000 cash

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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