give the journal entry for the disposal of the furniture assuming that it was sold f 558554

Recording the Disposal of an Asset at Three Different Sale Prices – Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totaling over $1.4 billion in property and equipment. It also develops, operates, and markets time share properties totaling nearly $2 billion. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:

Furniture (cost)

$6,000,000

Accumulated depreciation

5,500,000

Required:

1. Give the journal entry for the disposal of the furniture, assuming that it was sold for

a. $500,000 cash

b. $1,600,000 cash

c. $400,000 cash

2. Based on the three preceding situations, explain the effects of the disposal of an asset.

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