Homework Answers
| Market value of assets received | $32,000 | |
| Less : Book value of asset disposed of | ||
| Cost | $43,882 | |
| Less : Accumulated depreciation | $13,502 | $30,380 |
| Gain or (loss) | $1,620 |
JOURNAL ENTRY
| Cash | $32,000 | |
| Accumulated depreciation | $13,502 | |
| Gain on sale | $1,620 | |
| Equipment | $43,882 |
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Brown's Salvage Company purchased equipment on January 1, 2018 for $43,002. Suppose Brown's Salvage Company sold...
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on
March 31, 2018, wonderful landscapes discarded equipment that had a
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on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Mar 31 Question Viewer Calculate any gain or loss on the disposal of the equipment (Enter a "O" for items with a zero value. Enter a loss...
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