Homework Answers
1.
Annual depreciation = ( Cost price of tractor - Residual value)/ Useful life
= (36,000-9,000)/5
= 27,000/5
= $5,400
Accumulated depreciation for 2 year = 5,400 x 2
= $10,800
Book value of equipment at the date of sale = Cost of equipment - Accumulated depreciation
= 36,000-10,800
= $25,200
Sale price of Equipment = $23,900
Loss on sale of equipment = Book value of equipment - Sale price of Equipment
= 25,200-23,900
= $1,300
| Loss | on sale | $1,300 |
2.
| Journal | |||
| Date | General Journal | Debit | Credit |
| Cash | $23,900 | ||
| Loss on sale of equipment | $1,300 | ||
| Accumulated depreciation- equipment | $10,800 | ||
| Equipment | $36,000 | ||
Kindly comment if you need further assistance. Thanks‼!
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