In 2017,Harry,Burly and Toe Co.sells its single machine,which cost $100,000 and has an undepreciated capital cost (UCC)of $25,000 for tax purposes.For financial reporting,the machine has carrying amount of $40,000.The sale price of the machine is $30,000.Aside from the sale of the machine,the company has other income (before taxes)of $600,000,which includes non-taxable dividends of $120,000 dollars received during the year.There are no other permanent or temporary differences.The company faces an income tax rate of 35%.
Required:
Provide the journal entries for the company for 2017.

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The Answer of In 2017,Harry,Burly and Toe Co.sells its single machine,which cost $100,000 and has an undepreciated capital cost (UCC)of $25,000 for tax purposes.For financial reporting,the machine has carrying amount of $40,000.The sale price of the machine is $30,000.Aside from the sale of the machine,the company has other income (before taxes)of $600,000,which includes non-taxable dividends of $120,000 dollars received during the year.There are no other permanent or temporary differences.The company faces an income tax rate of 35%.
Required:
Provide the journal entries for the company for 2017.