Question

A piece of equipment costing $24,000 with an accumulated depreciation of $13,000 was sold. Prepare the...

A piece of equipment costing $24,000 with an accumulated depreciation of $13,000 was sold.

Prepare the necessary journal entries for the following independent scenarios:

a) Sold for $15,000 cash

b) Sold for $10,000 cash

c) Sold for $11,000 cash

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Comment below if you have any query i will solve it asap !! thanks

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
Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of...
Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of $15,000, and a fair value of $6,000. The new forklift list price is $25,000. A trade-in allowance of $7,000 was given for the old forklift. Which of the following is the correct journal entry to record the exchange? Select one: a. New Equipment 23,000 Accumulated Depreciation 15,000 Old Equipment 20,000 Cash 17,000 Gain on Disposal 1,000 b. New Equipment 38,000 Old Equipment 20,000 Cash...
Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of...
Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of $15,000, and a fair value of $6,000. The new forklift list price is $25,000. A trade-in allowance of $7,000 was given for the old forklift. Which of the following is the correct journal entry to record the exchange? Select one: a. New Equipment 23,000 Accumulated Depreciation 15,000 Old Equipment 20,000 Cash 17,000 Gain on Disposal 1,000 b. New Equipment 38,000 Old Equipment 20,000 Cash...
Unipal Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date...
Unipal Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of $15,000, and a fair value of $6,000. The new forklift list price is $25,000. A trade-in allowance of $7,000 was given for the old forklift. Which of the following is the correct journal entry to record the exchange? Select one: a. New Equipment 38,000 Old Equipment 20,000 Cash 18,000 b. New Equipment 23,000 Accumulated Depreciation 15,000 Old Equipment 20,000 Cash 17,000 Gain on...
Unipal Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date...
Unipal Company exchanged an old forklift with an original cost of $20,000, accumulated depreciation to date of $15,000, and a fair value of $6,000. The new forklift list price is $25,000. A trade-in allowance of $7,000 was given for the old forklift. Which of the following is the correct journal entry to record the exchange? Select one: a. New Equipment 38,000 Old Equipment 20,000 Cash 18,000 b. New Equipment 23,000 Accumulated Depreciation 15,000 Equipment 20,000 Cash 18,000 c. New Equipment...
Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment...
Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange. Santana Co. Delaware Co. Equipment (cost) $28,000 $18,000 Accumulated depreciation 19,000 10,000 Fair value of equipment 13,000 15,000 Cash given up   2,000 Prepare the journal entries to record the exchange on the book of Delaware Co.  Assume that the exchange lacks commercial substance. Prepare the journal entries to record the exchange...
Lincoln, Inc. sold a piece of equipment for $150 cash. The equipment was originally purchased for...
Lincoln, Inc. sold a piece of equipment for $150 cash. The equipment was originally purchased for $1,000, accumulated depreciation at the date of sale equaled $800, and the cost to replace the piece of equipment equals $1,200. Which of the following statements is true regarding the disposal of this piece of equipment? a. the replacement value of $1,200 of the piece of equipment is removed from the accounting records b. the original cost of $1,000 for the piece of equipment...
XYZ sold an asset with a cost of $25,000 and accumulated depreciation at the time of...
XYZ sold an asset with a cost of $25,000 and accumulated depreciation at the time of sale of $15,000 for $11,500. Prepare the journal entry for this transaction.
Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to...
Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to have a salvage value of $5,000 and an estimated useful life of 8 years. Straight-line depreciation is used. If the equipment is sold on July 1, Year 5 for $20,000, the journal entry to record the sale will include a: Select one: a. Debit to accumulated depreciation for $22,500. b. Credit to loss on sale for $10,000. c. Credit to cash for $20,000. d....
XYZ sold an asset with a cost of $25,000 and accumulated depreciation at the time of...
XYZ sold an asset with a cost of $25,000 and accumulated depreciation at the time of sale of $15,000 for $11,500.  Prepare the journal entry for this transaction. The state of New Mexico acquired some land from XYZ using eminent domain for highway construction.  The land cost XYZ $500,000 but New Mexico gave them $350,000 for the land.  Prepare the journal entry for this transaction
Ford Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold...
Ford Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. There were no other equipment purchases or sales during the year. The following selected information is available for Ford Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31 Year 2 Year 1 Equipment $ 600,000 $ 750,000 Accumulated Depreciation-Equipment 428,000 500,000
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT