E8-17 LO8-5 Recording the Disposal of an Asset at Three Different Sale Prices Marriott International is a worldwide oper

[answerhappygod]

E8-17LO8-5
Recording the Disposal of an Asset at Three DifferentSale PricesMarriott International is a worldwide operator,franchisor, and licensor of hotels, residential, and timeshareproperties totaling nearly $1.8 billion in net property andequipment. Assume that Marriott replacedfurniture that had been used in the business for five years. Therecords of the company reflected the following regarding the saleof the existing furniture:
Furniture (cost)
$8,000,000
Accumulated depreciation
7,700,000
Required:1. Give the journal entry for the disposal of the furniture,assuming that it was sold fora. $300,000 cashb. $900,000 cashc. $100,000 cash2. Based on the three preceding situations, explain the effects ofthe disposal of an asset.