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Machine sale-book value-journal entry

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Reference no: EM1357290

On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.

Required:

a. What is the book value of the machine at the time of the sale?

b. Give the journal entry to record the sale of the machine.

Reference no: EM1357290

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