Homework Answers
Annual depreciation = (38000-8000)/5 = $6000 per year
Net book value at the end of year 2 = 38000 - 6000*2 = $26,000
1. Loss on sale = $26000 - 25000 = $1,000
2.
| Transaction | General Journal | Debit | Credit |
| 1 | Cash | 25000 | |
| Accumulated Depreciation | 12000 | ||
| Loss on sale | 1000 | ||
| Tractor | 38000 | ||
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37 Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years...
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later...
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal...
Strawberry Fields purchased a tractor at a cost of $37.000 and sold it two years later...
Strawberry Fields purchased a tractor at a cost of $37.000 and sold it two years later for $24.600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later...
Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later for $23.900. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9.000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction llat Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later...
Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $26,200. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale ER22 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale...
Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,700. Strawberry Fields r...
Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note:...
Abbott Landscaping purchased a tractor at a cost of $38,000 and sold it three years later...
Abbott Landscaping purchased a tractor at a cost of $38,000 and sold it three years later for $19,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $12.100 instead of $19,300. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
Required information The following information applies to the questions displayed below Abbott Landscaping purchased a tractor...
Required information The following information applies to the questions displayed below Abbott Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
rent Students Westche VHL Central Activities Com O 5 - Chapter 7 x My Badboard Content-...
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....
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the ques...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the ques...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal...
Strawberry Fields purchased a tractor at a cost of $37.000 and sold it two years later for $24.600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later for $23.900. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9.000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction llat Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $26,200. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale ER22 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale...
Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note:...
Abbott Landscaping purchased a tractor at a cost of $38,000 and sold it three years later for $19,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $12.100 instead of $19,300. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
Required information The following information applies to the questions displayed below Abbott Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
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....
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
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