Question

Blue Spruce Co. has equipment that costs $79,200 and that has been depreciated $50,300. Record the...

Blue Spruce Co. has equipment that costs $79,200 and that has been depreciated $50,300. Record the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold for $20,200. (c) It was sold for $36,400. No. Account Titles and Explanation Debit Credit

Can you show how you got these numbers, Thank you

No. Accounts Titles and Explanation Debit Credit
a) Loss on Sale Equipment 28900
      Accum. Depreciation- Equipment 50300
   Equipment

79200
b) Cash
Accum Depreciation Equipment 50300
c)
Equipment                                                                                              79200
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer is given below

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Blue Spruce Corporation owns equipment that cost $73,200 when purchased on April 1, 2013. Depreciation has...
Blue Spruce Corporation owns equipment that cost $73,200 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $12,200 per year, resulting in a balance in accumulated depreciation of $57,950 at December 31, 2017. The equipment is sold on July 1, 2018, for $14,640. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost...
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost $10,440,000 Accumulated depreciation to date 1,160,000 Expected future net cash flows 8,120,000 Fair value 5,568,000 Cullumber intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,200. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is information related to equipment owned by Ivanhoe Company at December 31, 2017. Cost  ...
Presented below is information related to equipment owned by Ivanhoe Company at December 31, 2017. Cost       $10,080,000 Accumulated depreciation to date       1,120,000 Expected future net cash flows       7,840,000 Fair value       5,376,000 Ivanhoe intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,400. As of December 31, 2017, the equipment has a remaining useful life of 5 years.    Prepare the journal entry (if any) to...
Machinery purchased for $67,800 by Funland Co. in 2016 was originally estimated to have a life...
Machinery purchased for $67,800 by Funland Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,520 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,085 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Presented below is information related to equipment owned by Waterway Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Waterway Company at December 31, 2020. Cost $10,710,000 Accumulated depreciation to date 1,190,000 Expected future net cash flows 8,330,000 Fair value 5,712,000 Waterway intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
Monty Company purchased equipment on January 2, 2013, for $ 105,700. The equipment had an estimated...
Monty Company purchased equipment on January 2, 2013, for $ 105,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $ 13,200. Monty uses straight-line depreciation on all assets. On January 2, 2017, Monty exchanged this equipment plus $ 13,100 in cash for newer equipment. The old equipment has a fair value of $ 53,300. Prepare the journal entry to record the exchange on the books of Monty Company. Assume that the exchange...
Coronado Co. purchased equipment for $519,400 which was estimated to have a useful life of 10...
Coronado Co. purchased equipment for $519,400 which was estimated to have a useful life of 10 years with a salvage value of $11,400 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2018, it is determined that the total estimated life should be 15 years with a salvage value of $4,200 at the end of that time. (a) Prepare the entry (if any) to correct the prior years’ depreciation. (b) Prepare...
Exercise 9-11 Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It...
Exercise 9-11 Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Prepare Oriole Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
fast thumbs up!! Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB...
fast thumbs up!! Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $19,550. Shore paid freight of $800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSShore Co.General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable...
Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece...
Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $75,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $38,000 that was purchased on January 1, 2020. The equipment cost $105,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT