Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sale of plant asset raine company has a machine th

sale of plant asset raine company has a machine that originally cost $68,000. depreciation has...

60.1K

Verified Solution

Question

Accounting

Sale of Plant Asset Raine Company has a machine that originally cost $68,000. Depreciation has been recorded for five years using the straight-line method, with a $5,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the journal entry to record the machines sale for (Round to the nearest dollar): a. $37,000 cash b. $33,000 cash c. $28,000 cash

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

On the axes below, draw the graph of the function f(x) == -4x + 6.

Basic Math
Q

A bag contains flavored lollipops A lollipop will be randomly selected from the bag 17...

Statistics
Q

4. The first worman authority in management is. A. O Mary Parkett B. O Lillian...

Accounting
Q

i want solution for above question in 15 mins I will give like if you...

Accounting
Q

In order to pay a cash dividend, a company must: A.) have the board declare...

Accounting
Q

Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the...

Accounting
Q

Required Information Problem 8-50 (LO 8-1) (Algo) [The following Information applies to the questions displayed...

Accounting
Q

What is the estimated resale value ? 4 6 8...

Accounting
Q

Howard Equipment Corporation sells a product that is capable of injuring consumers who misuse it...

Accounting
Q

Blossom's Graphics has a December 31 year end. Blossom's Graphics records adjusting entries on an...

Accounting
Q

Selection of a cost driver depends on: The availability of information for both the cost...

Accounting
Q

7. What is the contribution margin % and gross margin %: Contribution margin % Gross...

Accounting