Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e8-17 (algo) recording the disposal of an asset at

E8-17 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices L08-5 MerryYacht...

70.2K

Verified Solution

Question

Accounting

imageimage

E8-17 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices L08-5 MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.5 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 $6,200,000 5,688,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (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. $512,000 cash b. $1,601,000 cash c. $419,000 cash Journal entry worksheet Record the disposal of the furniture, assuming the furniture sold for $512,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Assume that XYZ corporation decided to simultaneously issue $40 million of straight bonds with a coupon...

Finance
Q

How can you tell how many different types of Carbon and Protons are present in a...

Chemistry
Q

The following is a comprehensive problem which encompasses all of the elements learned in previous...

Accounting
Q

Contribution Margin Harry Company sells 19,000 units at $31 per unit. Variable costs are $18.91...

Accounting
Q

Applying the LCM rule may in a company writing down its inventory. -True -False

Accounting
Q

On November 1,2019, the account balances of Skysong, Inc. were as follows. Debits Credits No....

Accounting
Q

Your answer is incorrect. The following inventory transactions took place for Sheridan Ltd. for the...

Accounting
Q

On January 1, 2013 Belldom Incorporated purchased a new machine for $60,000. Its estimated useful...

Accounting
Q

Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the...

Accounting
Q

Imperial Jewelers manufactures and sells a gold bracelet for $407.00. The companys accounting system says...

Accounting
Q

Davy argue that in order to achieve diversification investors should focus not only on investing...

Finance
Q

Dividende Using the data in the table to the right, calculate the return for investing...

Finance