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dow Connect Reader https mheducation.com/flow/connect.htmifconsumer id container sted Sites Web Slice Gallery 8 Homework Help Save & Exit Submit Check my work Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $84,000. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: () The machine is sold for $42,000 cash. (2) An insurance settlement of $35.280 is received due to the machine's total destruction in a fire. transaction list Journal entry worksheet Record the sale of the machinery for $42,000 cash. Enter debits before credts

Explanation / Answer

Debit   Credit 1 Depreciation Expenses 84000/8*1/2 $          5,250 Accumulated Depreciation $          5,250 2 Cash $        42,000 Accumulated depreciation for 4 and 1/2 years $        47,250 Machinery $        84,000 Gain on sale of machinery $          5,250 3 Cash $        35,280 Accumulated depreciation for 4 and 1/2 years $        47,250 Loss due to fire $          1,470 Machinery $        84,000

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