S Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare...

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S Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.4 billion in net property and equipment. Assume that Merry Yacht 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 Required: $ 6,100,000 5,598,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: 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. $502,000 cash b. $1,614,000 cash c. $411,000 cash View transaction list View journal entry worksheet No Transaction 1 a. General Journal Debit Credit 502,000 502,000 S Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.4 billion in net property and equipment. Assume that Merry Yacht 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 Required: $ 6,100,000 5,598,000 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: Note: 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. $502,000 cash b. $1,614,000 cash c. $411,000 cash View transaction list View journal entry worksheet No Transaction 1 a. General Journal Debit Credit 502,000 502,000

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You are absolutely rightHeres the breakdown of the journal entries for the disposal of furniture und... View the full answer