Answers
Answer:
Recognized gain = $15,000
Basis for lot = $90,000
Explanation:
According to the scenario, computation of the given data are as follows,
Purchase amount = $75,000
Adjusted basis = $45,000
Normal selling price = $90,000
So, Recognized gain = Normal selling price - Purchase amount
By putting the value, we get
Recognized gain = $90,000 - $75,000
= $15,000
Now, Basis for lot = Purchase amount + Recognized gain
= $75,000 + $15,000
= $90,000
Related Questions
Who is European's best skilled
attendants
Answers
Answer:
Skilled attendants are defined as "people with midwifery skills who have been trained to proficiency in the skills necessary to manage normal deliveries and diagnose or refer complications." (12) Health professionals such as doctors, obstetricians/gynecologists, nurses, and midwives, have been advocated as a proxies ...
The gross domestic product of the United States is defined as the market value of all final goods and services produced within the United States in a given period of time.
Based on this definition indicate which of the following transactions will be included in the GDP of the United States, in 2021
Included or excluded:
1. An accountant starts a clients 2021 tax return on April 14, 2020 to finishing it just before midnight on April 15, 2022
2. Lane motors, a Japanese automobile company, produces a self driving car at a plant in Arizona on December 9, 2021 a family buys the self driving car on December 24
3. Thickburger a US fast food company produces a double cheeseburger at one of its many locations throughout the Midwest on January 14, 2021 is sells a double cheeseburger to a customer that same day
4. Cleancutters, or US number company, produces what are the plant in Oregon on September 25, 2021. It says the word to buildt and partners, a developer, for use in the production of a new house. I will be built in the United States in 2021.
(Note: focus exclusively on whether production of the word increases GDP directly, and ignore the effect of production of the new house on GDP)
5. Gamewear, a US electronics company, produce a VR headset auto plant in South Korea on March 27 2021. Gamewear imports, the VR headset into the United States on May 18, 2021.
Answers
Indicating the transactions that will be included in the GDP of the United States, in 2021
1. Excluded
2. Included
3. Included
4. Included
5. Excluded
What are the transactions that will be included in the GDP?The transactions that involve the production of goods and services within the United States will be included in the GDP, while transactions that involve the production of goods and services outside the United States will be excluded.
Using this criteria:
The accountant's work on the tax return is a service and was performed over multiple years, so it would not be included in the 2021 GDP.The production of the self-driving car by the Japanese company in Arizona and its sale to the family would be included in the 2021 GDP, as the production of the car took place within the United States in 2021.The production and sale of the double cheeseburger by the US fast food company would be included in the 2021 GDP, as the production and sale of the burger took place within the United States in 2021.The production of the word by the US company and its sale to the developer for use in the construction of a new house would be included in the 2021 GDP, as the production of the word took place within the United States in 2021.The production of the VR headset by the US electronics company in South Korea and its import into the United States would be excluded from the 2021 GDP, as the production of the headset took place outside the United States.Learn more about GDP here:https://brainly.com/question/1383956
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Many characteristics of work teams can also be seen in sports teams. Although sports teams—especially professional sports teams—often differ from work teams in important ways, they can be helpful for illustrating the key features that contribute to a team’s success.
Patrick works for a large technology company that sponsors an intramural soccer league. Patrick has been on a soccer team with the other software engineers for his product for several years, and they are very good. Team members rarely miss practices and never miss games, they know each other’s strengths and weaknesses on the field, and they play together so well that they have won the company championship 2 years in a row. When the team was first formed, however, the players did not seem very committed, team cohesion was not very good, and the team took a very long time to decide on which plays and strategies to use. After making a change midway through the first season that led to increased cohesion, team performance improved dramatically.
1. What stage of development is Patrick’s soccer team in currently?
a. Preforming
b. Storming
c. Forming
d. Norming
2. If a team leader wanted to help a team such as Patrick’s get through the performing stage of team development, he or she should take which of the following actions?
CHECK ALL THAT APPLY
- Encourage constructive conflict between members of the team.
- Coordinate team roles and activities.
- Help the team make effective decisions.
- Help the team establish clear rules for team member behaviors.
Answers
Answer:
1. Preforming
2. A and C
Answer:
1. What stage of development is Patrick’s soccer team in currently?
a. preforming
2. If a team leader wanted to help a team such as Patrick’s get through the performing stage of team development, he or she should take which of the following actions?
✔ Encourage constructive conflict between members of the team.
✘ Coordinate team roles and activities.
✔ Help the team make effective decisions.
✘ Help the team establish clear rules for team member behaviors.
Select the correct answer
What does the term constructed wetlands normally refer to
A natural wetlands that are used for wastewater disposal and treatment
B. wetlandis created for the purpose of environmental research
Cartificially created wetlands that simulate natural wetlands
D. wetlands used for constructing buildings
Reset
Net
Answers
predetermined overhead rate includes: Multiple Choice estimated total manufacturing overhead cost in the numerator. only the fixed portion of the estimated manufacturing overhead cost in the numerator. only the variable portion of the estimated manufacturing overhead cost in the numerator. estimated total manufacturing overhead cost in the denominator.
Answers
Answer:
estimated total manufacturing overhead cost in the numerator.
Explanation:
Predetermined overhead rate is calculated to apply manufacturing overhead to products. It is usually calculated before production begins. Using estimated overhead cost and the estimated allocation base
The formula is:
Predetermined over head rate = (estimated total manufacturing overhead cost) ÷ (estimated total amount of the allocation base)
The allocation base are the units that are considered in calculating predetermined overhead rate. For example labour hours can be used, machine hours, and direct materials
what is the background of the unilever company?
Answers
Answer:
Ueliever somthing i forgot
Explanation:
What is the name of the legal system that gives judicial decisions the force of law? A Commmon Law B European Law C Civil Law
Answers
Answer:
the answer is A) common law
Is the tariff the best way to achieve the goals of the argument?
Answers
Answer: Yes
Explanation:
Tariffs are import tax that is imposed on goods coming from other nations. Countries can start trade or other discussions by imposing tariffs. Tariffs can be used by both parties to develop economic strategies and conduct trade negotiations.
George is responsible for examining the heating and air conditioning system of an upcoming hotel. So, George is a mechanical____
Answers
Answer:
a mechanical inspector
Do you agree with the flowing statements? Businesses should do anything they can to make a profit. Use specific reasons and examples to support your position.
Answers
Answer:
Yes , I do agree with the statement "businesses should do anything they can to make a profit" I agree with this because in order to make money The business has to make profit. if they don't it could lead up to them losing the business from bankruptcy.
This type of investment typically has a greater long-term rate of return than a savings account.
A. Checking Account
B. Credit Union
C. Credit Card
D. Stock
Answers
Answer:
checking account its the answer if its incorrect please let me know cuz its in ny book like that too so yeah
Answer: D. Stock
Explanation:
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.40 per card, and the cost of printing is $0.10 per card. The company receives $3.75 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Their customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with mean 2,300 and standard deviation 200. (Assume these four are independent.)
What is the optimal production quantity for the card?
Answers
Answer:
≈ 9644 quantity of card
Explanation:
given data:
n = 4 regions/areas
mean demand = 2300
standard deviation = 200
cost of card (c) = $0.5
selling price (p) = $3.75
salvage value of card ( v ) = $ 0
The optimal production quantity for the card can be calculated using this formula below
= u + z (0.8667 ) * б
= 9200 + 1.110926 * 400
≈ 9644 quantity of card
First we have to find u
u = n * mean demand
= 4 * 2300 = 9200
next we find the value of Z
Z = ( \(\frac{p-c}{p-v}\) )
= ( 3.75 - 0.5 ) / 3.75 = 0.8667
Z( 0.8667 ) = 1.110926 ( using excel formula : NORMSINV (0.8667 )
next we find б
б = 200\(\sqrt{n}\) = 400
Do you think Q-Cells could have avoided its current financial troubles? What could they have done differently?
Answers
Answer:
Q-Cells could have avoided the financial issues. They should have analyzed their business before coming into Germany. The purchases of thewafers should have been researched more thoroughly and negotiated to where they were not paying so much. In all, these financial troubles could have been avoided if Q-Cells would have researched the markets and prices better.
Explanation:
Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in
thousands of gallons:
Forecast
Method 1
Actual
Demand
Actual
Demand
Week
Forecast
Method 2
0.82
Week
1
0.90
0.72
1
0.72
2
1.02
1.00
2
1.19
1.00
3
0.92
1.00
3
0.92
-1.00
4
1.17
1.00
4
1.17
1.00
The MAD for Method 1 = thousand gallons (round your response to three decimal places).
Answers
MAD = 0.51/4 = 0.1275 and MSE = 0.0721/4 = 0.018.
What is MAD and MSE?MAD( Mean Absolute Deviation) and MSE( Mean Squared Error) are the most commonly used forecast error measures. MAD is the average of the absolute errors and MSE is the average of the squared errors.
Solution:- Method 1 Week Method 1 Actual E E^2
1 0.9 0.7 0.2 0.04
2 1.05 1 0.05 0.0025
3 0.95 1 0.05 0.0025
4 1.2 1 0.2 0.04
0.5 0.085
MAD = sum of error/n
= 0.5/4
=0.125
MSE = sum of squared error/n
= 0.0.85/4
= 0.02125
Method 2 Week Method 2 Actual E E^2
1 0.8 0.7 0.1 0.01
2 1.2 1 0.2 0.04
3 0.9 1 0.1 0.01
4 1.11 1 0.11 0.0121
0.51 0.0721
Hence, MAD = 0.51/4 = 0.1275 and MSE = 0.0721/4 = 0.018.
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Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?
Answers
Managers want larger budgets; entrepreneurs work to do more with less.
How do entrepreneurs approach resources differently from employee-managers?Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.
This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.
Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.
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Eighteen-year ACRS nonresidential real property owned by an individual has accumulated accelerated depreciation of $975,000 at January 1, of this year. This property is sold on January 1, this same year. The original cost of the property was $975,000. The sale price was $1,000,000. The amount of the realized and recognized gain is:
Answers
Answer:
Gain= $1,000,000
Explanation:
First, we need to calculate the book value:
Book value= original cost - accumulated depreciation
Book value= 975,000 - 975,000
Book value= 0
Now, to calculate the gain or:
Gain/loss= selling price - book value
Gain= 1,000,000 - 0
Gain= $1,000,000
they got opinion and suggestions of everyone involved
Answers
Answer:
One of the most challenging aspects of a virtual meeting is keeping people’s attention. It’s important to be thoughtful about how you engage attendees. In the first minute of your meeting, help participants experience the problem you want them to solve by sharing statistics, anecdotes, or analogies that dramatize the issue. Then emphasize shared responsibility for solving it. Define a highly structured and brief task they can tackle in small groups of two or three people and give them a medium with which to communicate with one another (video conference, Slack channel, messaging platform, audio breakouts). Then have the groups report out. Never go longer than 5-10 minutes without giving the group another problem to solve. The key is to sustain a continual expectation of meaningful involvement so participants don’t retreat into an observer role. When that happens, you’ll have to work hard to bring them back.
Explanation:
A successful data-driven market segmentation program depends on each of the following except:
a.
the rejection of tradiitional marketing research techniques
b.
the use of transactional and event data
c.
a common definition of market segments across all areas of the business
d.
developing a centralized and accessible CRM (Customer Relationship Management) database
Answers
A successful data-driven market segmentation program depends on the "use of transactional and event data", "a common definition of market segments", "and the development of a centralized CRM database" but it does not depend on "the rejection of tradiitional marketing research techniques".
The correct option to the given question is option a.
Traditional marketing research techniques, such as surveys, focus groups, and interviews, have long been used to gather insights about consumer behavior and preferences. While these techniques may have limitations, they still play a valuable role in understanding customer motivations and attitudes. Data-driven market segmentation programs can benefit from a combination of both traditional and data-driven research approaches. The use of transactional and event data is crucial for a data-driven market segmentation program. This type of data provides valuable information about customer behaviors, purchase patterns, and interactions with the business.
Having a common definition of market segments across all areas of the business ensures consistency and alignment in marketing efforts. This allows for targeted and personalized messaging that resonates with each segment. It also facilitates coordination between different departments, such as marketing, sales, and customer service, leading to a more cohesive and effective customer experience.
Finally, developing a centralized and accessible CRM database is essential for managing and analyzing customer data. It enables the integration of data from various sources, such as transactions, interactions, and demographic information, into a single platform. This centralized database provides a comprehensive view of customers, enabling more accurate segmentation and personalized marketing initiatives.
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. You are very bullish (optimistic) on stock EFG, much more so than the rest of the market. In each question, choose the portfolio strategy that will give you the biggest dollar profit if your bullish forecast turns out to be correct. Explain your answer.
Answers
Here's the full question;
You are very bullish (optimistic) on stock EFG, much more so than the rest of the market. In each question, choose the portfolio strategy that will give you the biggest dollar profit if your bullish forecast turns out to be correct. Explain your answer.
a. Choice A: $10,000 invested in calls with X = 50.Choice B: $10,000 invested in EFG stock.
b. Choice A: 10 call option contracts (for 100 shares each), with X = 50.
Choice B: 1,000 shares of EFG stock.
Answer:
Choice A
Explanation:
Remember, a bullish investor is one that is very optimistic as to the returns on investment despite the risk of such investments, and he goes for the biggest dollar profit investment option.
Thus, we note that among the listed investment options, the call options investment has the greatest profit potential this will be the first catch for a bullish investor.
Having graduated with a degree in public administration and hoping to pursue a career in politics, you have been fortunate to receive a staff position with one of the leading senators in your state legislature. Since your arrival two months ago, you have answered phones, ordered lunch, made copies, stapled mailings, and stuffed envelopes. Finally you have been asked to look over a speech the senator will deliver at your alma mater. Surely, you think, this will be the first of many important assignments once your value is recognized. After reading the speech, however, your enthusiasm is dampened. You agree wholeheartedly with its support of a bill to fund scholarships for low-income students, but you're dismayed by its attack on opponents of the bill as "elitist bigots who would deny a college education to those who need it most." You haven't been asked to comment on the ethics of the speech, and you certainly don't want to jeopardize your position on the senator's staff. At the same time, you think his use of name-calling may actually arouse sympathy for the opposition. The senator would like your comments in two hours. What will you tell him?
Answers
The opinion that I would give the Senator would be of approval towards his speech for dealing with issues such as education. However, he would suggest using less aggressive language to avoid sympathy for opponents.
How to review a speech?To review a speech, we must take into account several aspects so that it is well written and the public captures all the information. Additionally, the style should be reviewed so that the speech is exciting and causes remembrance in the public.
Some aspects that must be taken into account in the revision of a speech are:
Coherence and cohesion.Style.Have strong arguments.One or more themes.Language according to the audience.Clear organization of ideas.Exciting.What is our opinion on the speech?After reading the speech we can have several opinions such as:
We emphasize that the bill proposed by the Senator focuses on providing economic aid for the education of low-income students.We do not agree with the Senator's personal attacks on opponents. Additionally, we believe that this may cause the public to feel sympathy towards opponents.In summary, what we could suggest to the Senator is to keep his speech on his bill, highlighting the benefits that it will bring to hundreds of students. On the other hand, if he wants to refer to the opponents, he should do so in a moderate way to prevent the public from sympathizing with them.
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Bill's Roast Beef sells 9 times as many sandwiches as Pete's Deli. The difference between their sales is 488 sandwiches.
How many sandwiches did each sell?
Pete's sold sandwiches?
Bill's sold sandwiches?
Answers
and P = the number of sandwiches Pete sells
Since Bill sells 7 times as many sandwiches as Pete, then
B = 7P
And the difference between their sales is 414 sandwiches. Since we know that Bill sells more than Pete, then
B - P = 414
So, now we can substitute for B from the equation above B = 7P
B - P = 414
7P - P = 414
6P = 414
P = 69
Therefore, Pete sells 69 sandwiches
Bill sells 7 x 69 = 483 sandwiches
what is the objective of business
Answers
Answer:
The objective of business is to gain a profit so that you can grow your business and develop
One of your clients asks you to add QuickBooks Online Payroll to their existing subscription.
Starting from here, where should you go to do this in QuickBooks Online Accountant?
- Open the client’s QuickBooks Online company and select Overview from the left-hand navigation. In the Company Setup section, select Add Payroll
- Select Billing and subscriptions from the dropdown in the Actions column, then subscribe the client to QuickBooks Online Payroll
- Go to the Gear icon and select Subscriptions and billing, then find the client and select Add Payroll from the Client actions dropdown
- Open the client’s QuickBooks Online company and select Add Payroll from Accountant Tools
Answers
It's important to note that QuickBooks Online Payroll offers a variety of plans, so I would need to choose the plan that best suits my client's needs and budget. To add QuickBooks Online Payroll to an existing subscription, you should go to option 1, hence option 1) is the answer.
Sure, I'd be happy to help. If one of my clients asks me to add QuickBooks Online Payroll to their existing subscription, I would follow these steps: 1. Firstly, I would navigate to the client's account and select Billing and subscriptions from the dropdown in the Actions column. 2. Then, I would subscribe the client to QuickBooks Online Payroll from there. 3. Once the subscription is added, I would open the client’s QuickBooks Online company and select Add Payroll from Accountant Tools. 4. Next, I would follow the prompts to set up payroll for the client. This would include entering the client's business and employee information, as well as setting up the payroll schedule and payment method. 5. After completing the setup process, the client would be able to run payroll and manage their employees' pay and benefits through QuickBooks Online Payroll. It's important to note that QuickBooks Online Payroll offers a variety of plans, so I would need to choose the plan that best suits my client's needs and budget. Additionally, if the client already has an existing payroll provider, I would need to work with them to ensure a smooth transition to QuickBooks Online Payroll. Therefore option 1) is correct.
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During a conversation with the credit manager, one of Tabor's sales representatives learns that a $1,342 receivable from a bankrupt customer has not been written off but was considered in the determination of the appropriate year-end balance of the Allowance for Bad Debts account balance. What is the effect of write-off on 2019 net incom
Answers
Answer:
Dr Allowance for bad debt $1,342
Cr Accounts receivable $1,342
Explanation:
Based on the information given there won't be NO effect of write-off on 2019 net income reason been that it has already been accounted for in the allowance for bad debt which was estimated for the year.
Therefore the Journal entry to record this transaction will be to Debit Allowance for bad debt with the amount of $1,342 and Credit Accounts receivable with the same amount which is $1,342.
Dr Allowance for bad debt $1,342
Cr Accounts receivable $1,342
Why are accounts payable considered to be Current Liabilities?
Answers
Accounts payable are considered to be current liabilities because they are expected to be paid within a year (C). Current liabilities are debts or obligations that a company is expected to pay within the current fiscal year or operating cycle. Accounts payable represent money that the company owes to its creditors for goods or services that have been received but have not yet been paid for. Since these debts are typically paid within a short period of time, typically within a month or less, they are classified as current liabilities.
define national security
Answers
Answer:
national security is basically high-top protection, a lot of celebrities have them, our presidents, and just anybody that can afford them or chooses to have them.
Explanation:
Determine the missing amount:
Assets=Liabilities+owners Equity x 272000 573000
Answers
Based on the given amounts of assets and liabilities, the missing amount of Owner's equity is $301,000
How to find the equity?The Owners equity is one of the parts of the Accounting equation which is:
Assets = Liabilities + Owners Equity
The Assets in this instance is $573,000 and the Liabilities are $272,000.
The Owner's equity is the missing amount and it can be found as:
573,000 = 272,000 + Owners Equity
Owners Equity = 573,000 - 272,000
Owners Equity = $301,000
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A 15-year annuity of thirty $8,000 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.
a. If the discount rate is 11 percent compounded monthly, what is the value of this annuity 4 years from now?
b. What is the current value of the annuity?
Answers
The value of the annuity 4 years from now is $254,757.45.
What is annuity?An annuity is a financial product that provides a guaranteed income stream to an individual in exchange for a lump sum or periodic payments. The most common type of annuity is a retirement annuity, which is purchased with retirement savings and provides a regular income throughout retirement. An annuity may be fixed, where the payments are predetermined and do not change over time, or variable, where the payments are based on the performance of underlying investments. Annuities are commonly used to supplement retirement income, protect against market volatility, and provide a source of income that cannot be outlived. However, annuities can also be complex and come with fees and restrictions, so it's important to carefully consider all the factors before deciding to purchase an annuity.
PV = C * [(1 - (1 + r) ^(-n)) / r]
C = $8,000
r = 0.11 / 2 = 0.055 (11% compounded semiannually)
n = 15 * 2 = 30 (30 semiannual payments)
FV = $8,000 * [(1 + 0.055) ^30 - 1] / 0.055
FV = $342,961.86
PV = $342,961.86 / (1 + 0.055/2)^(2*4)
PV = $254,757.45
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in the table, which of the following is most likely to account for the large expected demand for registered nurses
A. the educational requirements to be a registered nurse are increasing more rapidly.
B. The American population is aging and older people need more health care than younger people.
C. The job demands little education.
D.Fewer young people are expected to go to college
Answers
The factor that is most likely to account for the large expected demand for registered nurses is the American population is aging and older people need more health care than younger people.
An increase in demand for registered nurses can result from an increase in the aging population. This group of population would require care for nurses. An increase in demand for registered nurses would lead to a rightward shift of the demand curve for nurses.
If the educational requirements needed to be a registered nurse increases and fewer people are expected to go to college, the supply of registered nurses would decline. If the job requires little education, the supply of registered nurses would increase.
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Answer:
B. The American population is aging and older people need more health care than younger people.
On January 1, 2023, Eastern Corporation purchased a machine for $300,000. The
sales tax was $30,000 and the delivery charges were $5,000. All charges were paid in
cash. Eastern plans on using the machine in its business for 5 years and then disposing
of it. Eastern estimates a zero salvage value. Eastern uses straight line depreciation.
Required:
● Record the asset
● Record the annual depreciation
● Remove the fully depreciated asset and accumulated depreciation from the accounting
records
● Record the transactions in the journal and post them to the ledger.
Answers
1. Record the asset acquisition: Debit: $335,000 and Credit: Cash - $335,000.
2. Record the annual depreciation: Debit: Depreciation Expense - $66,000 and Credit: Accumulated Depreciation - Machine - $66,000.
3. Remove the fully depreciated asset and accumulated depreciation: Debit: Machine (Asset) - $5,000 and Credit: Loss on Disposal of Machine - $335,000 (if the machine is scrapped).
4. Record the disposal transaction: Debit: Accumulated Depreciation - Machine (to bring its balance to zero) and Credit: Machine (Asset)
To record the asset acquisition, annual depreciation, and disposal of the machine, Eastern Corporation would follow the following steps:
1. Record the asset acquisition:
On January 1, 2023, Eastern Corporation would record the purchase of the machine as follows:
Debit: Machine (Asset) - $335,000 ($300,000 + $30,000 + $5,000)
Credit: Cash - $335,000
2. Record the annual depreciation:
Since Eastern Corporation plans to use the machine for 5 years and estimates a zero salvage value, the annual depreciation expense would be $66,000 ($335,000 / 5). Eastern would record this annually as follows:
Debit: Depreciation Expense - $66,000
Credit: Accumulated Depreciation - Machine - $66,000
3. Remove the fully depreciated asset and accumulated depreciation:
After 5 years, when the machine is fully depreciated, Eastern Corporation would remove it from the accounting records. The accumulated depreciation and machine account would be eliminated as follows:
Debit: Accumulated Depreciation - Machine - $330,000 (5 years x $66,000)
Debit: Machine (Asset) - $5,000
Credit: Gain on Disposal of Machine - $335,000 (if the machine is sold) or
Credit: Loss on Disposal of Machine - $335,000 (if the machine is scrapped)
4. Record the disposal transaction:
Eastern Corporation would record the disposal transaction when removing the fully depreciated asset. The specific accounts used would depend on whether the machine is sold or scrapped. If sold, the transaction would be:
Debit: Cash (proceeds from sale)
Debit: Accumulated Depreciation - Machine (to bring its balance to zero)
Credit: Machine (Asset)
Credit: Gain on Disposal of Machine (if a gain is realized) or Credit: Loss on Disposal of Machine (if a loss is incurred)
If the machine is scrapped with no proceeds, the transaction would be:
Debit: Accumulated Depreciation - Machine (to bring its balance to zero)
Credit: Machine (Asset)
By following these steps and recording the transactions in the journal and posting them to the ledger, Eastern Corporation can accurately account for the acquisition, depreciation, and disposal of the machine in its financial records.
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