Saved H Rayya Co. purchases a machine for $159,600 on January 1, 2020. Straight-line depreciation is...

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Saved H Rayya Co. purchases a machine for $159,600 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2024, and to record the sale under each separate situation. (1) The machine is sold for $79,800 cash. (2) The machine is sold for $67,032 cash. View transaction list Journal entry worksheet < 2 3 Record the sale of the machinery for $79,800 cash. Note: Enter debits before credits. Date General Journal Credit July 01, 2024 View general journal Clear entry Record entry Debit Saved H Rayya Co. purchases a machine for $159,600 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2024, and to record the sale under each separate situation. (1) The machine is sold for $79,800 cash. (2) The machine is sold for $67,032 cash. View transaction list Journal entry worksheet < 2 3 Record the sale of the machinery for $79,800 cash. Note: Enter debits before credits. Date General Journal Credit July 01, 2024 View general journal Clear entry Record entry Debit

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Journal Entries to record the partial year depreciation and to record the sale under each seperate g... View the full answer