On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,509 cash. 2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $14,509 cash. View transaction list No Date View journal entry worksheet General Journal Debit Credit ******* X *********
On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,509 cash. 2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $14,509 cash. View transaction list No Date View journal entry worksheet General Journal Debit Credit ******* X *********
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 5CE: Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and...
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Question
![On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries
to record the disposal under each separate situation.
1. The machine is sold for $14,509 cash.
2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
The machine is sold for $14,509 cash.
View transaction list
No
Date
View journal entry worksheet
General Journal
Debit
Credit
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fafe136e0-01d3-4956-ac4a-a8e597aa4d44%2F125bb9c1-aca6-4214-b8ba-b4aab83fe2c2%2Fonnfjfb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries
to record the disposal under each separate situation.
1. The machine is sold for $14,509 cash.
2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
The machine is sold for $14,509 cash.
View transaction list
No
Date
View journal entry worksheet
General Journal
Debit
Credit
X
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