Business, 17.04.2020 01:25 kerriscaballero12

Cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: (a) it is sold for $20,000 cash; (b) it is sold for $80,000 cash; and (c) it is destroyed in a fire and the insurance company pays $30,500 cash to settle the loss claim.

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Cost. On January 3, it is installed on a required operating platform costing $1,200, and it is furth...

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