Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000.
Answer each of the following independent questions:
Required:
a. If the company sold the machinery for $105,000, prepare a journal entry to record the sale.
b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale.

Question

Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000. 
Answer each of the following independent questions:
Required:
a. If the company sold the machinery for $105,000, prepare a journal entry to record the sale.
b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale.

Quizplus · Accepted Answer

The Answer of Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000. 
Answer each of the following independent questions:
Required:
a. If the company sold the machinery for $105,000, prepare a journal entry to record the sale.
b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale.

Scheuller Company Had Machinery That Had Originally Cost $246,000