Marionnette International is a worldwide operator and franchisor of hotels and r

Question

Marionnette International is a worldwide operator and franchisor of hotels and related lodging facilities totaling nearly $1.6 billion in net property and equipment. Assume that Marionnette replaced funiture that had been used in the business for five years. The records of the company refilected the following regarding the sale of the existing furniture Furniture (cost) Accumulated depreciation $6,060,000 5,551,000 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. $509,000 cash b. $1,619,000 cash c. $407,000 cash View transaction list Journal entry worksheet Record the disposal of the furniture, assuming the furniture sold for $1,619,000 cash Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal

Explanation / Answer

a Cash 509000 Accumulated depreciation 5551000       Furniture 6060000 b Cash 1619000 Accumulated depreciation 5551000       Furniture 6060000       Gain on sale of long-lived asset 1110000 c Cash 407000 Accumulated depreciation 5551000 Loss on sale of long-lived asset 102000       Furniture 6060000

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