Homework Answers
| Account title | Debit | credit |
| Cash | 25000 | |
| Note receivable | 23148 | |
| Accumulated depreciation-Machinery | 90000 | |
| Machinery | 120000 | |
| Gain on sale of machinery (Balancing figure) | 18148 |
NOTE:a)
Present value of Note :PVF8%,1* Note receivable
= .92593 * 25000
= 23148.25 (rounded to 23148)
b)
Accumulated depreciation = cost- book value
= 120000 - 30000
= 90000
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