Problem
Blue Company has an old factory machine that cost $60,500. The machine has accumulated depreciation of $33,880. Blue has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(a) What entry would Blue make to record the sale of the machine for $30,250 cash?
(b) What entry would Blue make to record the sale of the machine for $18,150 cash?