MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.5 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) $ 6,200,000 Accumulated depreciation 5,689,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (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.) 1. Record the disposal of the furniture, assuming the furniture sold for $511,000 cash. 2. Record the disposal of the furniture, assuming the furniture sold for $1,608,000 cash. 3. Record the disposal of the furniture, assuming the furniture sold for $405,000 cash. a. $511,000 cash b. $1,608,000 cash c. $405,000 cash Please see attach pic, I don't know why it's incomplete.
MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.5 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) | $ | 6,200,000 |
| 5,689,000 | ||
Required:
1. Prepare the
1. Record the disposal of the furniture, assuming the furniture sold for $511,000 cash.
2. Record the disposal of the furniture, assuming the furniture sold for $1,608,000 cash.
3. Record the disposal of the furniture, assuming the furniture sold for $405,000 cash.
a. $511,000 cash
b. $1,608,000 cash
c. $405,000 cash
Please see attach pic, I don't know why it's incomplete.
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