Bramble Company has an old factory machine that cost $59,750. The machine has ac

Question

Bramble Company has an old factory machine that cost $59,750. The machine has accumulated depreciation of $33,460. Bramble has decided to sell the machine.

(a) Prepare a tabular summary to record the sale of the machine for $29,875 cash. (b) Prepare a tabular summary to record the sale of the machine for $17,925 cash. Assets Liabilities + Stockholders' Equity Retained Earnings Cash Equipment - Accum. Depr.-Equip. Common StockReven ExpenseDividend Bal (33460) Gain on disposal = Liabilities + Stockholders' Equity Retained Earnings Cash Equipment - Accum. Depr.-Equip. = +Common Stock Revenue ExpenseDividend Bal Loss on disposal Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

(a)

(b)

Assets = Liabilities + Stockholders' equity Cash Equipment - Accu. Dep. = Net Equiment Common stock Gain on disposal 29,875 59,750 - 33,460 = - 26,290 3,585

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