7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) A $35,000 $15,000 $50,000 DEBIT Cash CREDIT Non-current assets – cost $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost B $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash $35,000 $50,000 $65,000 C CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 $65,000 $35,000 $50,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) A $35,000 $15,000 $50,000 DEBIT Cash CREDIT Non-current assets – cost $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost B $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash $35,000 $50,000 $65,000 C CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 $65,000 $35,000 $50,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Can you share an example and explainwhy the CVP is important please.
Can someone help me with the part b and c please?
Define the term lnvesting activities? Explain with an example?
Please show and explain all steps to solve this problem.
What information is provided by this statement? Describe the steps to create the statement - choose either the direct or indirect method in your response.
Use the information in the following table to answer the questions below
please answer this which is part C
can expert give another detailed answer please.
Explain the Abstract and Opinion Method?
Explain prospectus
Critically discuss what is the motivation for securitisation? Please answer in full paragraphs with examples.