Sale of Plant Asset Lone Pine Company has a machine that originally cost $60,000. Depreciation has been recorded for four years using the straight-line method, with a $5,000 estimated salvage

Sale of Plant Asset Lone Pine Company has a machine that originally cost $60,000. Depreciation has been recorded for four years using the straight-line method, with a $5,000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Lone Pine sells the machine. Prepare the journal entry to record the machine’s sale for (Round to the nearest dollar): a. $39,000 cash b. $38,000 cash c. $28,000 cash General Journal Date Description Debit Credit a. AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Answer Accumulated Depreciation – Equipment Answer Answer AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Answer Gain on Sale of Plant Assets Answer Answer To record sale of machine. b. Cash Answer Answer AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Answer AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Answer To record sale of machine. c. Cash Answer Answer AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Answer Accumulated Depreciation – Equipment Answer Answer AnswerAccumulated Depreciation – EquipmentCashEquipmentGain on Sale of Plant AssetsLoss on Sale of Plant AssetsNet Loss Answer Mark 1.00 out of 1.00 Answer To record sale of machine.

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