Question

The following data came from the balance sheet of Han Company as of December 31, 20X2....

The following data came from the balance sheet of Han Company as of December 31, 20X2.

                                                                                      Dec. 31, 20X2                                         Dec. 31, 20X1

       Machine                                                                      $3,500      $2,950

       Accumulated depreciation on machines                1,400           1,300

       Cash                                                                               135     180

The following additional data were found in Han Company’s financial statements for 20X2.

Sales............................................................ $10,000

Cash dividends paid........................................... 65

New machines purchases (for cash)............... 1,000

Net income......................................................... 300

Depreciation expense........................................ 270

Gain on sale of old machines............................. 210

How much cash did Han Company receive from the sale of old machines during the year? (Assume that all machine sales were cash transactions.) Write the dollar amount of your answer. (Do not write the dollar sign.)

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Answer #1
Machine A/c
Opening Balance 2950 Sale of machine 450
Purchase of New Machine 1000 (Balancing Figure)
Closing Balance 3500
3950 3950
Accumulated Depreciation A/c
Opening Balance 1300
Sale of Machine 170 Depreciation 270
(Balancing Figure)
Closing Balance 1400
1570 1570
Entry of Sale of Machine
Cash Dr 490 Balancing figure
Accumulated Depreciation Dr 170
Machine A/c Cr 450
Gain on sale of fixed asset Cr 210
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