Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.6 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation Required: $ 6,120,000 5,602,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions. a. $518,000 cash b. $1,601,000 cash c. $401,000 cash
Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.6 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation Required: $ 6,120,000 5,602,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions. a. $518,000 cash b. $1,601,000 cash c. $401,000 cash
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11E: On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an...
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