Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost Residual Value $24,000 $3,000 Estimated Life 8 years 10 years 110,000 75,308 13, 200 6,300 16 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $7,950 cash. b. Machine B: Sold on December 31 for $47,880; received cash, $38,304, and an $9,576 interest-bearing (12 percent) note receivable due at the end of 12 months. Accumulated Depreciation (straight line) c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C. $15,750 (6 years) 77,440 (8 years) 51,750 (12 years)

Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost Residual Value $24,000 $3,000 Estimated Life 8 years 10 years 110,000 75,308 13, 200 6,300 16 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $7,950 cash. b. Machine B: Sold on December 31 for $47,880; received cash, $38,304, and an $9,576 interest-bearing (12 percent) note receivable due at the end of 12 months. Accumulated Depreciation (straight line) c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C. $15,750 (6 years) 77,440 (8 years) 51,750 (12 years)

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Description: please dont provide answer in an image format thank you !Required information[The following information applies to the questions displayed below.]During the current year, Yost Company disposed of three different assets. On January 1 of the current ye

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 11SPB: DISPOSITION OF ASSETS: JOURNALIZING Mayer Delivery Co. had the following plant asset transactions...

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Required information (The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Original Residual Estimated Life 8 years 8 years Depreciation (straight line) $20,250 (6 years) 33,750 (6 years) 48,918 (12 years) Asset Cost Value Machine A $ 30,000 $ 3,000 Machine B 49,000 4,000 Machine C 75,500 6,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $9,450 cash. b. Machine B: Sold on December 31 for $10,325; received cash, $2,500, and a $7,825 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related…
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Required information [The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Original Residual Estimated Depreciation (straight line) $13,500 (6 years) 55,200 (8 years) 52,125 (12 years) Asset Cost Value Life $ 21,000 $ 3,000 8 years 10 years 16 years Machine A Мachine B 73,000 4,000 Machine C 75,600 6,100 The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $7,100 cash. b. Machine B: Sold on December 31 for $11,700; received cash, $2,300, and a $9,400 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries…
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During the current year, Fortini Company disposed of three different assets. The company's accounts reflected the following on January 1 of the current years, prior to the disposal of the assets: Accumulated Depreciation (straight line) $15,750 (7 years) Original Residual Asset Machine A Machine B Machine C Cost $21,000 50,000 Value $3,000 4,000 75,000 3,000 Estimated Life 8 years 10 years 12 years 36,800 (8 years) 60,000 (10 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 of the current year for $5,000 cash. b. Machine B. Sold on April 1 for $10,500; received cash, $2,500, and a note receivable for $8,000, due on March 31 of the following year, plus 6 percent interest. c. Machine C: Suffered irreparable damage from an accident on July 2. On July 10, a salvage company removed the machine at no cost. The machine was insured, and $18,000 cash was collected from the insurance company. Required: 1. Prepare all journal entries related to the…
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