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Flint company has an old factory machine that cost $61,750. The machine has accumulated depreciation of...

Flint company has an old factory machine that cost $61,750. The machine has accumulated depreciation of $34,580. Flint has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $30,875 cash. (b) Prepare a tabular summary to record the sale of the machine for $18,525 cash
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Answer #1

Table summary

Assets = Liabilities + Stockholder's equity
a) Cash 30875 Gain on Sale of machine 3705
Machine -61750
Accumulated depreciation -34580

Table summary

Assets = Liabilities + Stockholder's equity
b) Cash 18525 Loss on Sale of machine -8645
Machine -61750
Accumulated depreciation -34580
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