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Preparing the journal entry for the scrapping of the jukebox

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A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.

Prepare the journal entry recording the scrapping of the jukebox

My answer is:

Debit - accumulated depreciation. $725
Debit - Loss on disposal of fixed assets $75
Credit - juke box $800

I want to know if my answer is correct... Thanks!

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The expert prepares the journal entries for the scrapping of the jukebox.

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Dear student,
Solution is provided down below. Thanks!

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Journal Entries for asset disposals by preparing the journal entry recording the scrapping of the jukebox:

Date Details Ref. Debit Credit
Accumulated Depreciation-Jukebox $725
Loss on disposal ...

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