Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pequeos yo company purchased a machine for $210,00

Pequeos Yo Company purchased a machine for $210,000 in cash on April 1, 20X1. The...

90.2K

Verified Solution

Question

Accounting

image
Pequeos Yo Company purchased a machine for $210,000 in cash on April 1, 20X1. The machine has an estimated useful life of years and an estimated salvage value of $20,000. Pequeos Yo Company uses the straight-line method for computing depreciation expense. Which ONE of the following is included in the journal entry necessary to record the sale of the machine for $150,000 cash at the end of 20x27 Note: The sale takes place after the recording of Depreciation Expense for 20x2. O ACREDIT 10 Accumulated Depreciation for $41.563 O A CREDIT to Machine for $190,000 O ACREDIT to Lots on sale of Machine for $18.438 O A DEUIT Accumulated Depreciation for $47,500 O A DEBIT to Loss on Sale of Machine for $18,438 O A CREDIT to Gain on Sale of Machine for $1.563 O A DEBIT to Gain on Sale of Machine for $18,438 O A DEBIT to Loss on Sale of Machine for $12,500

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students