Question: need help ty A machine costing $171000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine

need help ty need help ty A machine costing $171000 was destroyed when it caught

A machine costing $171000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine was $78500. An insurance check for $205000 was recelved based on the replacement cost of the machine. The entry to record the insurance proceeds and thedisposition of the machine will include a gain on disposal of $34000, gin on disposal of $112500. credit to the Accumulated Depreciation account for $78500. credit to the Equipment account for $126500

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!