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Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Original Cost Residual Value Estimated Life $36,000 8 years 110,000 8 years 76,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Require 1. Give all journal entries related to the disposal of each machine in the current year. Required A Complete the following questions by preparing worksheet and journal entries given below. < Required B Required C View transaction list Give all journal entries related to the disposal of Machine B in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 $3,000 13,200 6,400 2 Record the depreciation of Machine B. Accumulated Depreciation (straight line) $24,750 (6 years). 72,600 (6 years) 49,271 (12 years) Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit >

Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Original Cost Residual Value Estimated Life $36,000 8 years 110,000 8 years 76,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Require 1. Give all journal entries related to the disposal of each machine in the current year. Required A Complete the following questions by preparing worksheet and journal entries given below. < Required B Required C View transaction list Give all journal entries related to the disposal of Machine B in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 $3,000 13,200 6,400 2 Record the depreciation of Machine B. Accumulated Depreciation (straight line) $24,750 (6 years). 72,600 (6 years) 49,271 (12 years) Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit >

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9RE
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How do I solve this for Machine A, B, and C?

! Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Original Cost Residual Value Estimated Life $36,000 8 years 110,000 8 years 76,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Asset Machine A Machine B Machine C c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. a. Machine A. b. Machine B. c. Machine C. Required: 1. Give all journal entries related to the disposal of each machine in the current year. Required A Complete the following questions by preparing worksheet and journal entries given below. Required B Required C View transaction list < Give all journal entries related to the disposal of Machine B in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 Record the depreciation of Machine B. $3,000 13,200 6,400 Note: Enter debits before credits. Transaction December 31 Accumulated Depreciation (straight line) $24,750 (6 years). 72,600 (6 years) 49,271 (12 years) Record entry General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Original Cost Residual Value Estimated Life $36,000 8 years 110,000 8 years 76,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Asset Machine A Machine B Machine C c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. a. Machine A. b. Machine B. c. Machine C. Required: 1. Give all journal entries related to the disposal of each machine in the current year. Required A Complete the following questions by preparing worksheet and journal entries given below. Required B Required C View transaction list < Give all journal entries related to the disposal of Machine B in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 Record the depreciation of Machine B. $3,000 13,200 6,400 Note: Enter debits before credits. Transaction December 31 Accumulated Depreciation (straight line) $24,750 (6 years). 72,600 (6 years) 49,271 (12 years) Record entry General Journal Clear entry Debit Credit View general journal >
! Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Original Cost Residual Value $36,000 110,000 76,200 c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. Required A Required B Required C View transaction list Complete the following questions by preparing worksheet and journal entries given below. Journal entry worksheet 1 Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $3,000 13,200 6,400 Record the depreciation of Machine A. Transaction January 01 2 Note: Enter debits before credits. Record entry Estimated Life 8 years 8 years 17 years. Accumulated Depreciation (straight line) $24,750 (6 years) 72,600 (6 years) 49,271 (12 years) General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,750 cash. b. Machine B: Sold on December 31 for $50,300; received cash, $40,240, and an $10,060 interest-bearing (12 percent) note receivable due at the end of 12 months. Original Cost Residual Value $36,000 110,000 76,200 c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. Required A Required B Required C View transaction list Complete the following questions by preparing worksheet and journal entries given below. Journal entry worksheet 1 Give all journal entries related to the disposal of Machine A in the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $3,000 13,200 6,400 Record the depreciation of Machine A. Transaction January 01 2 Note: Enter debits before credits. Record entry Estimated Life 8 years 8 years 17 years. Accumulated Depreciation (straight line) $24,750 (6 years) 72,600 (6 years) 49,271 (12 years) General Journal Clear entry Debit Credit View general journal
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