A company purchased a machine for $200,000 many years earlier.The accumulated depreciation on the machine is $150,000.The machine is scrapped.Which journal entry is prepared to record the disposal?
A) debit Loss on Disposal of Machine for $50,000,debit Accumulated Depreciation $50,000 and credit Machine for $100,000
B) debit Accumulated Depreciation for $150,000 and credit Machine for $150,000
C) debit Accumulated Depreciation for $200,000,credit Machine for $150,000 and credit Gain on Disposal of Machine for $50,000
D) debit Loss on Disposal of Machine for $50,000,debit Accumulated Depreciation for $150,000 and credit Machine for $200,000
Correct Answer:
Verified
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