Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thornton company has an old factory machine that c

Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation...

90.2K

Verified Solution

Question

Accounting

Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) What entry would Thornton make to record the sale of the machine for $25,000 cash?

(b) What entry would Thornton make to record the sale of the machine for $15,000 cash?

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

Biology
1.2K views

Wild salmon spend most of their lives in the ocean but return to freshwater rivers...

Biology
1.2K views

2.    List and explain one beneficial effect and one detrimental effect of bacteria.

Psychology
1.2K views

Grounded theory is a research method that seeks to develop theory that is grounded in data...

Biology
1.2K views

My courses SC BIOL1000 N Biology I Cel How does artificial selection differ from

Biology
1.2K views

How might global warming affect seasonal temperature changes

Basic Math
1.2K views

Padlocks with digit dials are often referred to as "combination locks" According to the mathematical...

Calculus
1.2K views

Slope 4 passing through 2 17 What is the point slope form of the equation...

Accounting
1.2K views

Exercise 20-8(Algo) Manufacturing: Direct materials budget LO P1 Zira Company reports...

Accounting
1.2K views

Bond Co. is using the target cost approach on a new product. Information gathered so...

Accounting
1.2K views

Annapolis Company purchased a $3,000, 7%, 7-year bond at 99 and held it to maturity....

Accounting
1.2K views

Exercise 9-12 (Static) Revenue and Spending Variances [LO9-3] Lavage Rapide is a Canadian company that...

Accounting
1.2K views

Select One: A) $232,000 B) $224,000 C) $16,000 D) $248,000 E) No Pension Expense Needs...