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Help.with a and b please -k 2 4. Lauraco wants to...

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Accounting

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-k 2 4. Lauraco wants to buy a new milling machine. To make room for the new milling machine the company will have to sell an older milling machine. The old mill was purchased 6 years ago for $125,000 and was being depreciated over 10 years using straight line depreciation without taking salvage value into consideration. A machine tool dealer will buy the old milling machine. Assume that the adjusting entries required to record depreciation on the old milling machine are up to date through year 6. Required (20pts.): A. Assume that the machine tool dealer buys the old milling machine for $65,000. Make the require journal entry to record the transaction. Assume that the machine tool dealer buys the old milling machine for $38,000. Make the require journal entry to record the transaction. B

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