1 on january 2 2017 bering co disposes of a machine costing, Ask an Expert

Finance

1. On January 2, 2017, Bering Co. disposes of a machine costing $47,300 with accumulated depreciation of $25,480. Prepare the entries to record the disposal under each of the following separate assumptions.

2. The machine is traded in for a newer machine having a $63,800 cash price. A $22,524 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92671923

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