external reporting

Navas 28 April 2020 at 13:46 PM

The correct form of the journal entry recorded upon the sale of a plant asset sold for an amount of cash in excess of its net book value is as follows:
A) Dr Cash; Dr Accumulated depreciation - machinery; Dr Gain on disposal of machinery; Cr Machinery
B) No journal entry is required.
C) Dr Cash; Dr Accumulated depreciation; Cr Machinery; Cr Gain on disposal of machinery
D) Dr Cash; Dr Machinery; Cr Accumulated depreciation - machinery; Cr Gain on disposal of machinery