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Question 5: (Plant asset is fully depreciated) Omar Enterprises retires its computer printers, which cost $38,000....

Question 5: (Plant asset is fully depreciated)

Omar Enterprises retires its computer printers, which cost $38,000. The accumulated depreciation on these printers is $38,000. Prepare the entry to record this retirement.

Date

Debit

Credit

Question 6: (Plant asset is not fully depreciated)

Omar Enterprises retires its computer printers, which cost $40,000. The accumulated depreciation on these printers is $30,000. Prepare the entry to record this retirement.

There is a loss =

Date

Debit

Credit
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Answer #1
Date Account explanation Debit Credit
Date of retirement Accumulated Depreciation-Computer Printers $38,000
Computer Printers $38,000
(to computer printers retired)
Date of retirement Accumulated Depreciation-Computer Printers $                30,000
Loss on disposal $                10,000
Computer Printers $                           40,000
(to computer printers retired with loss)
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