Martinez Owns Machinery That Cost $87,000 with Accumulated Depreciation of $40,000

question 64

Multiple Choice

Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include a:

• A)Credit to Accumulated Depreciation of $40,000.
• B)Credit to Gain on Sale of $2,000.
• C)Credit to Machinery of $47,000.
• D)Debit to Cash of $42,000.
• E)Debit to Accumulated Depreciation of $47,000.

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Definitions:

Indulgence

Refers to the act of allowing oneself to enjoy the pleasure of luxury or leisure items or experiences, often seen as treats or rewards.

Hofstede

A referential framework developed by Geert Hofstede, used for understanding cultural differences and their impacts on behavior and communication.

Sociocultural Factors

Elements that affect individuals or societies, based on cultural, social, and ethical norms or influences.

Visible Artifacts

Physical objects or elements in an organization's culture that can be seen and have symbolic significance, such as logos, architecture, or uniforms.