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  3. fallon enterprise purchased a used machine for 288

fallon enterprise purchased a used machine for 288,000 cash on January 2. The machine will...

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Accounting

fallon enterprise purchased a used machine for 288,000 cash on January 2. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On december 31, at the end of its fifth year in operations, it is disposed of. Prepare journal entries to record the machines disposal under each seperate situation:
(a) sold for $86,000 cash
(b) sold for $21,500 cash

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