Disposal of a Tangible Capital Asset On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was 15 years old, for $6,000. The machine, which originally cost $105,000, had accumulated depreciation of $102,500. Required: Prepare the journal entry to record the disposal of the machine. For those boxes in which no entry is required, leave the box blank.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Disposal of a Tangible Capital Asset

On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was 15 years old, for $6,000. The machine, which originally cost $105,000, had accumulated depreciation of $102,500.

Required:

Prepare the journal entry to record the disposal of the machine. For those boxes in which no entry is required, leave the box blank.

 

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