180.Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of themachinery was 10 years and the estimated residual value was $10,000. Williams uses the...

180.Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of themachinery was 10 years and the estimated residual value was $10,000. Williams uses the double-declining-balancemethod of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000.

(1)Record the journal entry for the depreciation on this machinery for Year 4.

(2)Record the journal entry for the sale of the machinery.

181.Machinery acquired at a cost of $80,000 and on which there is accumulated depreciation of $55,000 (includingdepreciation for the current year to date) is exchanged for similar machinery. Assume that the transaction hascommercial substance. For financial reporting purposes, present entries to record the exchange of the machineryunder each of the following assumptions:

(a)Price of new, $120,000; trade-in allowance on old, $4,000; balance paid in cash.

(b)Price of new, $120,000; trade-in allowance on old, $34,000; balance paid in cash.

ACCT.WARD.16.10-APP - 10-APP

182.Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipmentunder the following independent assumptions.

a.The equipment had no market value and was discarded.

b.The equipment is sold for $54,000.

c.The equipment is sold for $24,000.

d.The equipment is traded-in for a similar asset. The list price of the new equipment is$63,000. The buyer gave no cash in the exchange. The transaction lacks commercialsubstance.