Exercise 10-24 - ................. 375,000 ($360,000 +...

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EXERCISE 10-24 (20–25 minutes) (a) Depreciation Expense (8/12 X $60,000) . .............. 40,000 Accumulated Depreciation—Machine. ...... 40,000 Loss on Disposal of Machine. ................................. 470,000 ($1,300,000 – $400,000) – $430,000 Cash . ............................................................................... 430,000 Accumulated Depreciation—Machine. ................. 400,000 ($360,000 + $40,000) Machine . .............................................................. 1,300,000 (b) Depreciation Expense (3/12 X $60,000) . .............. 15,000 Accumulated Depreciation—Machine. ...... 15,000 Cash . ............................................................................... 1,040,000 Accumulated Depreciation—Machine.
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Unformatted text preview: ................. 375,000 ($360,000 + $15,000) Machine . .............................................................. 1,300,000 Gain on Disposal of Machine . ...................... 115,000* *$1,040,000 ($1,300,000 $375,000) (c) Depreciation Expense (7/12 X $60,000). .............. 35,000 Accumulated DepreciationMachine. ...... 35,000 Contribution Expense . .............................................. 1,100,000 Accumulated DepreciationMachine . ................ 395,000 ($360,000 + $35,000) Machine. .............................................................. 1,300,000 Gain on Disposal of Machine. ...................... 195,000* *$1,100,000 ($1,300,000 $395,000)...
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Exercise 10-24 - ................. 375,000 ($360,000 +...

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