Sale of Plant Asset Raine Company has a machine that originally cost $80,000. Depreciation has been...
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Sale of Plant Asset Raine Company has a machine that originally cost $80,000. Depreciation has been recorded for five years using the straight-line method, with a $8,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the journal entry to record the machine's sale for (Round to the nearest dollars a $52.000 cash 6. $40,000 cash c. $33.000 cash General Journal Date Description Debit Credit 3 Accumulated Depreciation - Equipment Gain on Sale of Plant Assets To record sale of machine. Cash To record sale of machine. Cash Accumulated Depreciation - Equipment To record sale of machine. Sale of Plant Asset Raine Company has a machine that originally cost $80,000. Depreciation has been recorded for five years using the straight-line method, with a $8,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the journal entry to record the machine's sale for (Round to the nearest dollars a $52.000 cash 6. $40,000 cash c. $33.000 cash General Journal Date Description Debit Credit 3 Accumulated Depreciation - Equipment Gain on Sale of Plant Assets To record sale of machine. Cash To record sale of machine. Cash Accumulated Depreciation - Equipment To record sale of machine.
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