3 Question 2 of 2 E D (b) Your answer is partially correct. Date Apr. 1, 2026 Apr. 1, 2026 R On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (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 O for the amounts. List all debit entries before credit entries.) % V T Account Titles and Explanation G Depreciation Expense Accumulated Depreciation - Machinery (To record current depreciation.) Cash eTextbook and Media Accumulated Depreciation - Machinery Machinery Gain on Disposal of Machinery (To record sale of the machine.) B H HQ Search N U J M K L DELL LCOP { [ 1 ? 1 Debit 111 Enter Delete Shift Ctrl End 15/30 1 1 Attempts: 3 of 3 used 1 PgDn ||| ↓ Credit Home End 400 0 Ins W S Question 2 of 2 < View Policies Show Attempt History Current Attempt in Progress D depreciation at this date are as follows. On December 31, 2025, Blue Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated Machine Less: Accumulated depreciation Book value (a) $ Depreciation is computed at $86,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. ✓ Your answer is correct. Your Answer Correct Answer (Used) F % Y A fire completely destroys the machine on August 31, 2026. An insurance settlement of $619,200 was received for this casualty. Assume the settlement was received immediately. (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 0 for the amounts. List all debit entries before credit entries.) H $1,872,000 N U 518,400 $1,353,600 J M Search K L DELL { ? 1 CE 31 Enter Delete Shift 15/30 E Ctrl End PgDn Home 4 End
3 Question 2 of 2 E D (b) Your answer is partially correct. Date Apr. 1, 2026 Apr. 1, 2026 R On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (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 O for the amounts. List all debit entries before credit entries.) % V T Account Titles and Explanation G Depreciation Expense Accumulated Depreciation - Machinery (To record current depreciation.) Cash eTextbook and Media Accumulated Depreciation - Machinery Machinery Gain on Disposal of Machinery (To record sale of the machine.) B H HQ Search N U J M K L DELL LCOP { [ 1 ? 1 Debit 111 Enter Delete Shift Ctrl End 15/30 1 1 Attempts: 3 of 3 used 1 PgDn ||| ↓ Credit Home End 400 0 Ins W S Question 2 of 2 < View Policies Show Attempt History Current Attempt in Progress D depreciation at this date are as follows. On December 31, 2025, Blue Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated Machine Less: Accumulated depreciation Book value (a) $ Depreciation is computed at $86,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. ✓ Your answer is correct. Your Answer Correct Answer (Used) F % Y A fire completely destroys the machine on August 31, 2026. An insurance settlement of $619,200 was received for this casualty. Assume the settlement was received immediately. (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 0 for the amounts. List all debit entries before credit entries.) H $1,872,000 N U 518,400 $1,353,600 J M Search K L DELL { ? 1 CE 31 Enter Delete Shift 15/30 E Ctrl End PgDn Home 4 End
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:3
Question 2 of 2
E
D
(b)
Your answer is partially correct.
Date
Apr. 1, 2026
Apr. 1, 2026
R
On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (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 O for
the amounts. List all debit entries before credit entries.)
%
V
T
Account Titles and Explanation
G
Depreciation Expense
Accumulated Depreciation - Machinery
(To record current depreciation.)
Cash
eTextbook and Media
Accumulated Depreciation - Machinery
Machinery
Gain on Disposal of Machinery
(To record sale of the machine.)
B
H
HQ Search
N
U
J
M
K
L
DELL
LCOP
{
[
1
?
1
Debit
111
Enter
Delete
Shift
Ctrl
End
15/30
1
1
Attempts: 3 of 3 used
1
PgDn
|||
↓
Credit
Home
End
400
0
Ins
Transcribed Image Text:W
S
Question 2 of 2 <
View Policies
Show Attempt History
Current Attempt in Progress
D
depreciation at this date are as follows.
On December 31, 2025, Blue Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated
Machine
Less: Accumulated depreciation
Book value
(a)
$
Depreciation is computed at $86,400 per year on a straight-line basis.
Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the
transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
✓ Your answer is correct.
Your Answer Correct Answer (Used)
F
%
Y
A fire completely destroys the machine on August 31, 2026. An insurance settlement of $619,200 was received for this casualty.
Assume the settlement was received immediately. (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 0 for the amounts. List all debit
entries before credit entries.)
H
$1,872,000
N
U
518,400
$1,353,600
J
M
Search
K
L
DELL
{
?
1
CE
31
Enter
Delete
Shift
15/30 E
Ctrl
End
PgDn
Home
4
End
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