On December 31, 2021, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 and accumulated depreciation was $310,389. On December 31, 2021, the fair value of the machine was determined to be $110,000. On December 31, 2022, the fair value of the machine was determined to be $164,000. Which of the following would be included in a related adjusting entry on December 31, 2022? Group of answer choices credit Gain on Machine Held for Disposal for $54,000 No adjusting entry is required. credit Gain on Machine Held for Disposal for $164,000 credit Gain on Machine Held for Disposal for $40,611
On December 31, 2021, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 and accumulated depreciation was $310,389. On December 31, 2021, the fair value of the machine was determined to be $110,000. On December 31, 2022, the fair value of the machine was determined to be $164,000. Which of the following would be included in a related adjusting entry on December 31, 2022? Group of answer choices credit Gain on Machine Held for Disposal for $54,000 No adjusting entry is required. credit Gain on Machine Held for Disposal for $164,000 credit Gain on Machine Held for Disposal for $40,611
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
On December 31, 2021, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 and accumulated depreciation was $310,389. On December 31, 2021, the fair value of the machine was determined to be $110,000. On December 31, 2022, the fair value of the machine was determined to be $164,000. Which of the following would be included in a related adjusting entry on December 31, 2022?
Group of answer choices
credit Gain on Machine Held for Disposal for $54,000
No adjusting entry is required.
credit Gain on Machine Held for Disposal for $164,000
credit Gain on Machine Held for Disposal for $40,611
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education