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 furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture. Furniture (cost) Accumulated de $6,080,000 5,560,000 tion 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. $520,000 cash b. $1,612,000 cash c. $402,000 cash Answer is not complete No Transaction General Journal Debit Credit a. Cash 520,000 Accumulated depreciation 5,560,000 Furniture 6,080,000 1,612,000 5,560,000 b. Cash Accumulated depreciation 1,092,000 6,080,000 Gain on sale of long-lived asset Furniture 402,000 05,560,000 C. Cash Accumulated depreciation Loss on sale of long-lived asset Furniture 118,000 6,080,000

Explanation / Answer

c Cash 402000 Accumulated depreciation 5560000 Loss on sale of Long-lived asset 118000         Furniture 6080000

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