PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the followin Accumulated Depreciation (straight-line) $22,800 (4 years) $48,720 (12 years) Original Cost $32,000 5 years 64,200 15 years The machines were disposed of in the following ways: Asset Machine A Machine B Residual Value $3,500 3,300 Estimated Life a. Machine A: Sold on January 1 for $9,900 cash. b. Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal).

PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the followin Accumulated Depreciation (straight-line) $22,800 (4 years) $48,720 (12 years) Original Cost $32,000 5 years 64,200 15 years The machines were disposed of in the following ways: Asset Machine A Machine B Residual Value $3,500 3,300 Estimated Life a. Machine A: Sold on January 1 for $9,900 cash. b. Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal).

Name: Please do not give solution in image format thanku Journal entry works
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Description: Please do not give solution in image format thanku Journal entry worksheetMachine A: Sold on January 1 for $9,900 cash. Record the transaction.DateJanuary 012Note: Enter debits before credits.Record entry3CashAccumulated Depreciation-EquipmentEquipme

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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