Solved: Disposal of a machine costing, Accounting Basics

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Disposal of a machine costing

Problem:

Jan. 2, 2002 Rit Co. disposes of a machine costing $44,000 w/ accumulated depreciation of $24,625.

What is the entry if:

- The machine is sold for $18,250 cash?

- The machine is traded in on a similar but newer machine having a $60,200 cash price, a $25,000 trade in allowance is received, and the balance is paid in cash?

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Accounting Basics: Disposal of a machine costing

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Accounting Basics: Disposal of a machine costing

Reference No:- TGS01880144

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Reference No:- TGS01880144

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