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‼!
Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later...
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rent Students Westche VHL Central Activities Com O 5 - Chapter 7 x My Badboard Content- @ https://newconnect.mheducation.com/flow/connect.html re select then and drag to the Favorites Bar folder. Or import from another browser. Import favorites z #5 - Chapter 7 Help Save & Exit Submit Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,400. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value....