CP 8-8

Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License.

Refer to the information in CP 8-4 and 8-7. Assume Mayr disposed of the machine on May 31, 2019.

Required: Using the straight-line method of depreciation, record the disposal assuming

1. The equipment was sold for $60,000
2. The equipment was sold for $85,000
3. The equipment was sold for $71,250.

Show all calculations.