1) Journal entry
Transaction | General journal | Debit | Credit |
1 | Cash | 600000 | |
Accumulated depreciation-Oven (800000-50000/10)*2 | 150000 | ||
Loss on sale of oven | 5000 | ||
Oven | 800000 | ||
(To record sale of oven) |
Required Information Problem 7-8A Record the disposal of equipment (L07-6) The following information applies to the...
Required information Problem 7-8A Record the disposal of equipment (L07-6) [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $540,000. The ovens originally cost $734,000, had an estimated service life o years, had an estimated residual value of $44,000, and were depreciated using straight-line depreciatio Complete the requirements below for New Morning Bakery. Problem 7-8A Part 2 2....
Problem 7-8A Record the disposal of equipment (LO7-6) The following information applies to the questions displayed below.) New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 4 4. Record...
Required information Problem 7-8A Record the disposal of equipment (L07-6) [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $580,000. The ovens originally cost $778,000, had an estimated service life of 10 years, had an estimated residual value of $48,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 1...
Problem 7-8A Record the disposal of equipment (L07-6) The following information applies to the questions displayed below. New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 1 Required: 1....
Required Information Problem 7-8A Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.) New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $600,000. The ovens originally cost $800,000, had an estimated service life of 10 years, had an estimated residual value of $50.000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 1...
Required Information Problem 7-8B Record the disposal of equipment (LO7-6) The following information applies to the questions displayed below.] New Dell Is in the process of closing Its operations. It sold Its three-year-old ovens to Sicily Pizza for $316,400. The ovens originally cost $422.000, had an estimated service life of 10 years, had an estimated residual value of $27,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Dell. Problem 7-8B Part 1 Requlred: 1. Calculate the...
Required information Problem 7-88 Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $320,500. The ovens originally cost $427,500, had an estimated service life of 10 years, had an estimated residual value of $27,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli Problem 7-8B Part 4 4. Record the sale...
Problem 7-8B Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $320,500. The ovens originally cost $427,500, had an estimated service life of 10 years, had an estimated residual value of $27,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Required information Problem 7-8B Record the disposal of equipment (LO7-6)...
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 2 2. Assume the tractor was sold for $11.200 instead of $18.000. Record the sale. (If 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...