EastCo purchased a machine in 2010 for $72,000. In late 2015, the company made a plan to dispose of the machine. At that time, the accumulated depreciation was $17,000 and the estimated fair value was $45,000. Estimated selling costs were $1,500. Assume that the asset qualifies as a held for sale asset on December 31, 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. ) Prepare the journal entry required on December 31, 2015.

Answer rating: 100% (QA)

On December 31 2015 East Co is preparing to classify the machine as a heldforsale asset indicating t... View the full answer