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. (Credit account titles are automatically indented when 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.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(a) What entry would Bramble make to record the sale of the machine for $29,875 cash? (b) What entry would Bramble make to record the sale of the machine for $17,925 cash?

Explanation / Answer

No. Account title and explanation Debit credit (a) Cash $ 29,875 Accumulated Depreciation $ 33,460 Machinery $ 59,750 Gain on sale of machinery $ 3,585 (b) Cash $ 17,925 Accumulated Depreciation $ 33,460 Loss on Sale of machinery $ 8,365 Machinery $ 59,750

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