A machine costing $30,000 and on which $25,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a

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13-07-2022
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A machine costing $30,000 and on which $25,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a

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sakshigupta4990 sakshigupta4990 · Answer 1 · 2022-07-21T17:33:56+02:00

On July 1, 2014, Dillman Kennels sells equipment for $66,000. The equipment originally cost $180,000 and had an estimated 5-year life and an expected salvage value of $30,000. The Accumulated Depreciation account had a balance of $105,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal.

Accumulated depreciation is not recorded separately on the balance sheet. Instead, it's recorded in a contra asset account as a credit, reducing the value of fixed assets.

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