On January 2, Bering Company disposes of a machine costing $57,600 with accumulated depreciation of $31,029. Prepare the entriesto record the disposal under each separate situation.1. The machine is sold for $22,285 cash.2. The machine is traded in for a new machine having a $74,100 cash price. A $27,428 trade-in allowance is received, and the balanceis paid in cash. Assume the asset exchange has commercial substance.3. The machine is traded in for a new machine having a $74,100 cash price. A $20,571 trade-in allowance is received, and the balanceis paid in cash. Assume the asset exchange has commercial substance.Complete this question by entering your answers in the tabs below.Required 1Required 2 Required 3The machine is sold for $22,285 cash.View transaction listJournal entry worksheetRecord the sale of the machine for $22,285 cash.Required 1Required 2Required 3The machine is sold for $22,285 cash.View transaction listJournal entry worksheet1Record the sale of the machine for $22,285 cash.Note: Enter debits before credits.General JourmalDebitCreditDateJanuary 02Clear antruView general journalwww.nRequired 1Required 2Required 3The machine is traded in for a new machine having a $74,100 cash price. A $27,428 trade-in allowance is received, and the balance ispaid in cash. Assume the asset exchange has commercial substance.View transaction listJournal entry worksheetRecord the exchange assuming that the exchange has commercial substance.Note: Enter debits before credits.HTDateGeneral JournalDebitCreditNicoJanuary 02Required 1Required 2Required 3The machine is traded in for a new machine having a $74,100 cash price. A $20,571 trade-in allowance is received, and the balance ispaid in cash. Assume the asset exchange has commercial substance.View transaction listJournal entry worksheetRecord the exchange assuming that the exchange has commercial substance.Note: Enter debits before credits.DebitCreditGeneral JournalDateJanuary 02

A journal entry is often recorded in the main ledger; however, it may also be entered in a…

On January 2, Bering Company disposes of a machine costing $57,600 with accumulated depreciation of $31,029. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $22,285 cash. 2. The machine is traded in for a new machine having a $74,100 cash price. A $27,428 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $74,100 cash price. A $20,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 chine i sold fer 822 395cach

On January 2, Bering Company disposes of a machine costing $57,600 with accumulated depreciation of $31,029. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $22,285 cash. 2. The machine is traded in for a new machine having a $74,100 cash price. A $27,428 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $74,100 cash price. A $20,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 chine i sold fer 822 395cach

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 5CE: Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and...

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On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,509 cash. 2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $14,509 cash. View transaction list No Date View journal entry worksheet General Journal Debit Credit X
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