Sale of Plant Asset Raine Company has a machine that originally cost $72,000. Depreciation has...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Sale of Plant Asset Raine Company has a machine that originally cost $72,000. Depreciation has been recorded for five years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of the five years, Raine sells the machine. the journal entry to record the machine's sale for (Round to the nearest dollar): a $54,000 cash b. $37,000 cash c.$35,000 cash General Journal Date Description Debit Credit Accumulated Depreciation Equipment Gain on Sale of Piant Assets To record sale of machine. b. Cash To record sale of machine. c. Cosh Accumulated Deprediation- Equipment To record sale of machine
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!
