A machine with a cost of $234,000 and accumulated depreciation of $153,000 is sold for $63,000 cash.
Required:
Part a.Prepare the journal entry to record this transaction.
Part b.Explain how this transaction would be reported on the statement of cash flows prepared using the indirect method.

Question

Quizplus · Accepted Answer

The Answer of A machine with a cost of $234,000 and accumulated depreciation of $153,000 is sold for $63,000 cash.
Required:
Part a.Prepare the journal entry to record this transaction.
Part b.Explain how this transaction would be reported on the statement of cash flows prepared using the indirect method.

A Machine with a Cost of $234,000 and Accumulated Depreciation