On April 1,Year 5 a Company Discarded a Machine That

question 62

Essay

On April 1,Year 5 a company discarded a machine that had cost $10,000 and had accumulated depreciation of $8,000 as of December 31,Year 4.The asset had a 5-year life and $0 salvage value.Prepare the journal entries to record the updating of the depreciation expense and discarding of this asset in Year 5.

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Definitions:

Skeletal Muscles

The muscles attached to the bones of the skeleton, responsible for movement and stability of the body.

Liver

A large, vital organ in the body performing essential functions such as detoxification, protein synthesis, and the production of biochemicals necessary for digestion.

Brain

The organ located in the head of humans and other vertebrates, responsible for central nervous system activities, including thought, memory, and control of movement.

Bone Marrow

The soft, spongy tissue found inside bones, responsible for the production of blood cells.