Marriott International is a worldwide operator and franchisor of hotels and rela

Question

Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totaling over $1.5 billion in property and equipment. It also develops, operates, and markets time-share properties tt replaced furniture that hadb five years. The records of the company reflected the following regarding the sale of the existing furniture. Furniture (cost) Accumulated depreciation $6,040,000 5,523,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) a. $517,000 cash b. $1,604,000 cash c. $403,000 cash

Explanation / Answer

1a Cash 517000 Accumulated depreciation 5523000         Furniture 6040000 b Cash 1604000 Accumulated depreciation 5523000         Furniture 6040000        Gain on sale of long lived assets 1087000 c Cash 403000 Accumulated depreciation 5523000 Loss on sale of long lived assets 114000         Furniture 6040000

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