Sale of Plant Asset Raine Company has a machine that originally cost $58.000, Depreciation has been recorded for four years using the straight line method with a 15.000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine. Prepare the journal entry to record the machine's sale for Round to the nearest dollar) a $37,000 cash b. $36,800 cash $28.000 cash Date b General Journal Description Cash Accumulated Depreciation Equipment Equipment Gain on Sale of Plant Assets To record sale of machine Cash Accumulated Depreciation Equipment Equipment To record sale of machine Cash Loss on Sale of Plant Assets Accumulated Depreciation Equipment Equipment To record sale of machine Check 4V . ✔ ✔ Debit 37,000 34.800 M 5,000 5,000 36,800 23.200 05 38.000 23.200 M 23.200 8M Credit 5,000 5,000 OU 23.200 m 36.800 0 23,200 23,200 1.600

Sale of Plant Asset Raine Company has a machine that originally cost $58.000, Depreciation has been recorded for four years using the straight line method with a 15.000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine. Prepare the journal entry to record the machine's sale for Round to the nearest dollar) a $37,000 cash b. $36,800 cash $28.000 cash Date b General Journal Description Cash Accumulated Depreciation Equipment Equipment Gain on Sale of Plant Assets To record sale of machine Cash Accumulated Depreciation Equipment Equipment To record sale of machine Cash Loss on Sale of Plant Assets Accumulated Depreciation Equipment Equipment To record sale of machine Check 4V . ✔ ✔ Debit 37,000 34.800 M 5,000 5,000 36,800 23.200 05 38.000 23.200 M 23.200 8M Credit 5,000 5,000 OU 23.200 m 36.800 0 23,200 23,200 1.600

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Description: Do not give solution in image Sale of Plant AssetRaine Company has a machine that originally cost $58,000. Depreciation has been recorded for four years using the straight line method, with a 15.000 estimated salvage value at the end of attexpected t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 15PB: Urquhart Global purchases a building to house its administrative offices for $500,000. The best...

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