On April 1,2020,Hogan Industries Scrapped a Machine That Cost $10,000

question 46

Essay

On April 1,2020,Hogan Industries scrapped a machine that cost $10,000 and had accumulated depreciation through December 31,2019,of $10,000.Prepare the journal entry to record the disposal of the machine.

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Definitions:

Fixed Hours

A work schedule where employees are required to work a specific number of hours and at specific times each workday.

Increased Productivity

An enhancement in the efficiency and output of work processes or employees, resulting in greater yields or improved quality with the same or fewer resources.

Flexible Working Hours

Employment arrangements that allow workers to vary their workday start and end times.

Contingency Workers

Employees who do not have long-term or permanent employment contracts, including freelancers, consultants, and temporary contract workers.