Ben Company has a used executive charter plane that originally cost $1,000,000. Straight-line depreciation on the plane has been recorded for six years, with a $100,000 expected salvage value at the end of its estimated eight-year useful life. The last depreciation entry was made at the end of the sixth year. Eight months into the seventh year, Ben disposes of the plane. Required Prepare journal entries to record: a. Depreciation expense to the date of disposal. b. Sale of the plane for cash at its book value. c. Sale of the plane for $300,000 cash. d. Sale of the plane for $220,000 cash. e. Destruction of the plane in a fire. Ben expects a $210,000 insurance settlement.
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