Hertzog Company Purchased and Installed a Machine on February 1,2014,at

question 13

Essay

Hertzog Company purchased and installed a machine on February 1,2014,at a total cost of $72,000.Straight-line depreciation was calculated based on the assumption of a five-year life and no residual value.The machine was disposed of on July 31,2017.
Assuming the machine was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash,prepare the general journal entry to record the disposal.

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Definitions:

Territorialization

The process by which a geographic area comes to be identified and influenced by a specific group, culture, or political entity.

Geographical Regions

Large areas of land distinguished by geographical features, political boundaries, or cultural characteristics.

Psychical Regions

A concept in psychology referring to different areas or aspects of the mind and its functions.

Cultural Regions

Geographically distinct areas characterized by a unique set of cultural practices, beliefs, languages, and social norms.