Fixed Asset Transactions The following is an Equipment account and its associated Accumulated Depreciation account:
|
Equipment |
|||
|
Beginning |
Machine A |
8,100 |
|
|
balance |
$49,000 |
||
|
Machine C |
25,000 |
Machine B |
5,200 |
|
Ending |
|||
|
balance |
$60,700 |
||
|
Accumulated Depreciation |
|||
|
Related to |
Beginning |
||
|
Machine A |
6,300 |
balance |
$29,000 |
|
Related to |
Depreciation |
||
|
Machine B |
4,600 |
expense |
12,000 |
|
Ending |
|||
|
balance |
$30,100 |
||
Additional data:
1. Machine A was sold at a gain of $900
2. Machine B was sold for its scrap value of $200
3. Machine C was acquired during the year
Required
Analyze the two accounts and show, in journal entry form, the entries that would be made in preparation of the statement of cash flows to reflect all of the changes listed in the accounts.