Business, 17.01.2020 04:31 joynerjaila

On january 2, 2017, bering co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. prepare the entries to record the disposal. under each of the following separate assumptions. 1.the machine is sold for $18,250 cash.2.the machine is traded in for a newer machine having a $60,200 cashprice. a $25,000 trade-in allowance is received, and the balance is paidin cash. assume the asset exchange has commercial substance.3.the machine is traded in for a newer machine having a $60,200 cashprice. a $15,000 trade-in allowance is received, and the balance is paidin cash. assume the asset exchange has commercial substance.

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Answer from: thu651777p0vibf

Scenario 1: Loss on Disposal of $1,125

Scenario 2: Gain on Disposal of $5,625

Scenario 3: Loss on Disposal of $4,375

Explanation:

Scenario 1

Debit Credit

DebitCash Received $18,250

DebitAccumulated Depreciation $24,625

DebitLoss on Disposal (Balancing Figure) $1,125

CreditMachine at Cost $44,000

(To record disposal of Machine for Cash)

Scenario 2

Debit Credit

DebitNew Machine - Trade in Allowance $25,000

DebitAccumulated Depreciation $24,625

CreditGain on Disposal (Balancing Figure) $5,625

CreditMachine at Cost $44,000

(To record disposal of Machine with Trade in Allowance)

DebitNew Machine at Cost $60,200

CreditTrade in Allowance $25,000

CreditCash $35,200

(To record acquisition of New Machine)

Scenario 3

Debit Credit

DebitNew Machine - Trade in Allowance $15,000

DebitAccumulated Depreciation $24,625

DebitLoss on Disposal (Balancing Figure) $4,375

CreditMachine at Cost $44,000

(To record disposal of Machine with Trade in Allowance)

DebitNew Machine at Cost $60,200

CreditTrade in Allowance $15,000

CreditCash $45,200

(To record acquisition of New Machine)

Answer from: Quest

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Answer from: Quest

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues, with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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On january 2, 2017, bering co. disposes of a machine costing $44,000 with accumulated depreciation o...

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