E$8-17($Algo$)$ Recording the Disposal of an Asset at Three Different Sale Prices L$08-5$

MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly

$$1\mathrm{.}6$ billion in net property and equipment. Assume that MerryYacht 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$)$ $$6,060,000$

Accumulated depreciation $5,546,000$

Required:

Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: $($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$.$ $$514,000$ cash

b$.$ $$1,600,000$ cash

c$.$ $$408,000$ cash

Journal entry worksheet

Record the disposal of the furniture, assuming the furniture sold for $$514,000$

cash.

Record the disposal of the furniture, assuming the furniture sold for $$1,600,000$ cash.

Record the disposal of the furniture, assuming the furniture sold for $$408,000$ cash.

Note: Enter debits before credits.