During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Cost $76,200 Residual Value Estimated Life 15 years 20,000 8 years The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $20,000 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Asset Machine A Machine B $4,200 2,000 Accumulated Depreciation (straight-line) $62,400 (13 years) 13,500 (6 years) Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Cost $76,200 Residual Value Estimated Life 15 years 20,000 8 years The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $20,000 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Asset Machine A Machine B $4,200 2,000 Accumulated Depreciation (straight-line) $62,400 (13 years) 13,500 (6 years) Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Name: Please help me. Thankyou. During the current year, Martinez Company di
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Description: Please help me. Thankyou. During the current year, Martinez Company disposed of two different assets. On January 1, prior to theirdisposal, the accounts reflected the following:AssetMachine AMachine BOriginalCostResidual Value Estimated Life15 years$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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