Question

(A) Sound Tracker Company retires its delivery equipment, which cost $48,000. Accumulated depreciation is also $48,000 on this delivery equipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(B) Napoli Manufacturing has old equipment that cost $54,000. The equipment has accumulated depreciation of $27,700. Napoli has decided to sell the equipment.

(a) What entry would Napoli make to record the sale of the equipment for $36,000 cash? (b) What entry would Napoli make to re

(C)

Compute depreciation expense for 2017 and 2018 using (1) the straight-line method, (2) the units-of-activity method, and (3)

(D)

Flaherty Company had the following two transactions related to its delivery truck. Paid $280 for an oil change. 1 2. Paid $60

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Answer #1
Solution-A
S. No. Accoutn Tittle Debit Credit
Accumulated Depreciation $48,000.00
Delivery Equipment $48,000.00
Solution-B
S. No. Accoutn Tittle Debit Credit
a. Cash $36,000.00
Accumulated Depreciation $27,700.00
Gain on Sale of Equipment (BF) $9,700.00
Equipment $54,000.00
b. Cash $15,000.00
Accumulated Depreciation $27,700.00
Loss on Sale of Equipment (bal) $11,300.00
Equipment $54,000.00

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