none of my answers were right on this
Journal entru for depreciation is correct but other parts are wrong so I will give solution for those
.
Journal entry for sale of furniture on 31 may
Date |
General Journal |
Debit |
Credit |
31 may 2018 |
Cash |
$ 35,375.00 |
|
Accumulated Depreciation |
$ 15,225.00 |
||
Loss on sale of furniture |
$ 3,500.00 |
||
Furniture |
$ 54,100.00 |
||
(Furniture sold) |
Market value of asset received |
$ 35,375.00 |
|
Less: Book value of asset disposed off |
||
cost |
$ 54,100.00 |
|
Less: Accumulated depreciation |
$ 15,225.00 |
$ 38,875.00 |
Gain(Loss) |
$ (3,500.00) |
Straight line Method |
||
A |
Cost |
$ 54,100.00 |
B |
Residual Value |
$ 10,000.00 |
C=A - B |
Depreciable base |
$ 44,100.00 |
D |
Life [in years left ] |
7 |
E=C/D |
Annual SLM depreciation |
$ 6,300.00 |
Year |
Book Value |
Depreciation expense |
Ending Book Value |
Accumulated Depreciation |
2016 |
$ 54,100.00 |
$ 6,300.00 |
$ 47,800.00 |
$ 6,300.00 |
2017 |
$ 47,800.00 |
$ 6,300.00 |
$ 41,500.00 |
$ 12,600.00 |
2018 |
$ 41,500.00 |
$ 2,625.00 |
$ 38,875.00 |
$ 15,225.00 |
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