(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.
(C)
(D)
Homework Answers
| 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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