Concord has an old factory machine that cost $56,750. The machine has accumulate
ID: 2553631 • Letter: C
Question
Concord has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. a) what entry would concord make to record the sale of the machine for $28,375 cash? B) what entry would concord make to record the sale of the machine for $17,025 cash? Concord has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. a) what entry would concord make to record the sale of the machine for $28,375 cash? B) what entry would concord make to record the sale of the machine for $17,025 cash? Concord has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. a) what entry would concord make to record the sale of the machine for $28,375 cash? B) what entry would concord make to record the sale of the machine for $17,025 cash?Explanation / Answer
1.Cash a/c..Dr$28375
Accumulated depreciation a/c...Dr$31780
To machine $56750
To gain on sale $3405(balance).
2.Cash a/c..Dr$17025
Accumulated depreciation a/c...Dr$31780
Loss on sale ..Dr$7945(balance)
To machine $56750.