Blossom Company has an old factory machine that cost $59,500. The machine has accumulated depreciation...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Blossom Company has an old factory machine that cost $59,500. The machine has accumulated depreciation of $28,700. Blossom 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 for the amounts.) (a) What entry would Blossom make to record the sale of the machine for $36,000 cash? What entry would Blossom make to record the sale of the machine for $15,000 cash? (b) Account Titles and Explanation Debit Credit (a) Cash 36000 Accumulated Depreciation-Equipment 28700 Gain on Disposal of Plant Assets 7300 Equipment 59500 (b) Cash 15000 Accumulated Depreciation-Equipment 28700 Loss on Disposal of Plant Assets 13700 Equipment 59500
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
