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Jayco purchased a machine for 6000 with the salvage value of 400 and a life of seven years the Straight-line method of depreciation was used At mid-year in year 4 Jayco sold the machine for 450?
Wiki User
∙ 9y ago
Annual depreciation = 6000 - 400 / 7 = 800
Annual depreciation for 3.5 years = 2800
Journal entry for sale of asset
Debit Accumulated Depreciation 2800
Debit Cash 450
[Debit] Loss on sale of asset 2750
Credit Asset 6000
Wiki User
∙ 9y ago
The annual depreciation expense is (6000-400)/7 = $828.57. By year 4, accumulated depreciation would be 828.57 * 3.5 = $2899.99. Therefore, the book value at the time of sale is 6000 - 2899.99 = $3100. Since the machine was sold for $450, Jayco incurred a loss of $3100 - $450 = $2650.
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