Question: Presented here are selected transactions for Zhou Ltd for the year ended 31 December 2019: Jan. 1 Scrapped a piece of machinery that was purchased

Presented here are selected transactions for Zhou Ltd for the year ended 31 December 2019:

Jan.

Scrapped a piece of machinery that was purchased on 1 January 2010 at a cash price of $64000. The machinery had a useful life of 10 years with no residual value.

June

Sold a computer that was purchased on 1 January 2014 for $115000 cash. It had a useful life of 18 years with no residual value. The computer was sold for $64000 cash.

Compute and enter the amount of yyy for the journal entries below.

1 January 2019

Debit

Credit

Dr. accumulated depreciation - machinery

Cr. machinery

30 June 2019

Dr. depreciation expense

Cr. accumulated depreciation - computer

Dr. Cash

Dr. accumulated depreciation - computer

Dr. loss on disposal (or Cr. Gain on disposal, if negative value)

yyy

Cr. computer

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