During the current year, Rayon Corporation disposed of two different assets. On January 1, prior...
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During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Estimated Life Asset Machine A Machine B Original Cost $55,000 15,800 Residual Value $12,300 2,700 Accumulated Depreciation (straight-line) $24,400 (4 years) 7,860 (3 years) 7 years 5 years The machines were disposed of in the following ways: a. Machine A: Sold on January 2, for $35,100 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Journal entry worksheet Record the current year depreciation for Machine B prior to disposal. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general Journal Journal entry worksheet Record the disposal of Machine B. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general Journal
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