E$8-16($Algo$)$ Recording the Disposal of an Asset at Three Different Sale Prices L$08-5$

Delta Air Lines owns hundreds of aircraft, with about $60$ percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up

about $40$ percent. It sold seven used Boeing $767-300$ jets to

Amazon.com as Amazon plans to expand its growing Amazon Air cargo

service. The average age of the jets is about $20$ years old.

Assume the records of the company reflected the following for the jets that were sold:

Aircraft cost

Accumulated depreciation

$$2,100,00046,200,000$

$46,200,000$

Required:

Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for:

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

a$.$ $$15,900,000$ cash

b$.$ $$17,200,000$ cash

c$.$ $$14,200,000$ cash

Journal entry worksheet

Record the disposal of the aircraft, assuming the aircraft were sold for

$$15,900,000$ cash.

Note: Enter debits before credits.