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CC$9-1($Algo$)$ Accounting for the Use and Disposal of Long$-$Lived Assets $[$LO $9-3,$ LO $9-5]$

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Nicole's Getaway Spa $($NGS$)$ purchased a hydrotherapy tub system to add to the wellness programs at NGS$.$ The machine was purchased at the beginning of the year at a cost of $$24,500.$ The estimated useful life was five years and the residual value was $$1,500.$ Assume that the estimated productive life of the machine is $10,000$ hours. Expected annual production was year $1,2,500$ hours; year $2,2,400$ hours; year $3,2,000$ hours; year $4,2,100$ hours; and year $5,1,000$ hours.

CC$9-1($Algo$)$ Part $2$

$2.$ Assume NGS sold the hydrotherapy tub system for $$7,350$ at the end of year $3.$ Prepare the journal entry to account for the disposal of this asset under the three different methods. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your final answers to the nearest dollar amount.$)$

Answer is not complete.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit,$],[$A$,1,$Loss on Disposal of PPE,,$3,350,],[,,$Accumulated Depreciation$-$Equipment,,,$],[,,,,,],[$B$,2,$Loss on Disposal of PPE,,,$],[,,$Accumulated Depreciation$-$Equipment,,,$],[,,,,,],[$C$,3,$Accumulated Depreciation$-$Equipment,$,,]]$Nicole$$s Getaway Spa $($NGS$)$ purchased a hydrotherapy tub system to add to the wellness programs at NGS$.$ The machine was purchased at the beginning of the year at a cost of $$24,500.$ The estimated useful life was five years and the residual value was $$1,500.$ Assume that the estimated productive life of the machine is $10,000$ hours. Expected annual production was year $1,2,500$ hours; year $2,2,400$ hours; year $3,2,000$ hours; year $4,2,100$ hours; and year $5,1,000$ hours.

CC$9-1($Algo$)$ Part $2$

Assume NGS sold the hydrotherapy tub system for $$7,350$ at the end of year $3.$ Prepare the journal entry to account for the disposal of this asset under the three different methods. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your final answers to the nearest dollar amount.$)$