Hertzog Company purchased and installed a machine on February 1,2019,at a total cost of $72,000.Straight-line depreciation was calculated based on the assumption of a five-year life and no residual value.The machine was disposed of on July 31,2022.Assuming the machine was sold for $15,000,prepare the general journal entry to record the disposal.

Question

Quizplus · Accepted Answer

The Answer of Hertzog Company purchased and installed a machine on February 1,2019,at a total cost of $72,000.Straight-line depreciation was calculated based on the assumption of a five-year life and no residual value.The machine was disposed of on July 31,2022.Assuming the machine was sold for $15,000,prepare the general journal entry to record the disposal.

Hertzog Company Purchased and Installed a Machine on February 1,2019,at