DJ,UUU on December 31, 2018, Far Niente Winery sold a wine press for $545,000; the...
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DJ,UUU on December 31, 2018, Far Niente Winery sold a wine press for $545,000; the wine press had many cost $900,000. Cash was paid by the buyer of the press. Accumulated Depreciation on the press, updated to the date of disposal, was $450,000. What is the journal entry to record the disposal of the asset? A) Debit Cash and credit Gain on Disposal for $95,000. B) Debit Cash and credit Equipment for $545,000. C) Debit Cash for $545,000, debit Accumulated Depreciation for $260,000, debit Loss on Disposal for $95,000, and credit Equipment for $900,000. D) Debit Cash for $545,000, debit Accumulated Depreciation for $450,000, credit Gain on Disposal for $95,000, and credit Equipment for $900,000
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