fill in the blanks (notice the number of accounts titles, ALL BLANKS FOR ACCOUNT
ID: 2431643 • Letter: F
Question
fill in the blanks (notice the number of accounts titles, ALL BLANKS FOR ACCOUNT TITLES MUST BE FILLED)
Cheyenne Ltd. owned several manufacturing facilities. On September 15 of the current year, Cheyenne decided to sell one of its manufacturing buildings. The building had cost $7,920,000 when originally purchased 5 years ago, and had been depreciated using the straight-line method with no residual value. Cheyenne estimated that the building had a 30 year life when purchased.
Prepare the journal entry to record the sale of the building on Cheyenne's books, assuming 5 years of depreciation has already been recorded in the accounts the building was sold for $6,750,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the journal entry to record the sale of the building on Cheyenne's books, assuming 5 years of depreciation has already been recorded in the accounts the building was sold for $6,600,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the journal entry to record the sale of the building on Cheyenne's books, assuming 5 years of depreciation has already been recorded in the accounts the building was sold for $6,410,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation Debit Credit Sept. 15Explanation / Answer
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6750000
gain on sale of machine
6750000-6600000
150000
1-
Journal entry
explanation
debit
credit
cash
6750000
accuumulated depreciation
1320000
gain on sale of machine
150000
machinary
7920000
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6600000
gain on sale of machine
6600000-6600000
0
2-
Journal entry
explanation
debit
credit
cash
6600000
accuumulated depreciation
1320000
machinary
7920000
3-
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6410000
gain on sale of machine
6410000-6600000
-190000
Journal entry
explanation
debit
credit
cash
6410000
accuumulated depreciation
1320000
loss on sale of machinary
190000
machinary
7920000
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6750000
gain on sale of machine
6750000-6600000
150000
1-
Journal entry
explanation
debit
credit
cash
6750000
accuumulated depreciation
1320000
gain on sale of machine
150000
machinary
7920000
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6600000
gain on sale of machine
6600000-6600000
0
2-
Journal entry
explanation
debit
credit
cash
6600000
accuumulated depreciation
1320000
machinary
7920000
3-
cost of machine
7920000
life of machine
30
annual depreciation
7920000/30
264000
Accumulated depreciation for 5 years
264000*5
1320000
Book value of machine at the end of year 5
7920000-1320000
6600000
selling price of machine
6410000
gain on sale of machine
6410000-6600000
-190000
Journal entry
explanation
debit
credit
cash
6410000
accuumulated depreciation
1320000
loss on sale of machinary
190000
machinary
7920000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.