On December 31, 2022, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $470,000 and accumulated depreciation was $320,000. On December 31, 2022, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2022. Group of answer choices debit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $150,000 debit Loss on Machine Held for Disposal for $150,000
On December 31, 2022, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $470,000 and accumulated depreciation was $320,000. On December 31, 2022, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2022. Group of answer choices debit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $150,000 debit Loss on Machine Held for Disposal for $150,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 31, 2022, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $470,000 and accumulated depreciation was $320,000. On December 31, 2022, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2022.
Group of answer choices
debit Loss on Machine Held for Disposal for $20,000
credit Loss on Machine Held for Disposal for $20,000
credit Loss on Machine Held for Disposal for $150,000
debit Loss on Machine Held for Disposal for $150,000
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