Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Recording the Disposal of an Asset at Three Different Sale Prices LO8-5 MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1

Recording the Disposal of an Asset at Three Different Sale Prices LO8-5 MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1

Accounting

Recording the Disposal of an Asset at Three Different Sale Prices LO8-5 MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.5 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation $6,070,000 5,560,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in dollars not in millions.) a. $510,000 cash b. $1,614,000 cash c. $406,000 cash View transaction list Journal entry worksheet < 1 2 3 > Record the disposal of the furniture, assuming the furniture sold for $510,000 cash Journal entry worksheet < 1 2 3 > Record the disposal of the furniture, assuming the furniture sold for $510,000 cash. Note: Enter debits before credits Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet < N 3 > Record the disposal of the furniture, assuming the furniture sold for $1,614,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Journal entry worksheet < 1 2 3 Record the disposal of the furniture, assuming the furniture sold for $406,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit C Record entry Clear entry View general journal

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE