1) Accumulated depreciation on the equipment at December 31, 2017:
machine 101 = [(79900 - 7900)/10 ] * 3 = 21600
machine 102 = (88100 - 8900)*/8] * 1.5 = 14850
machine 103 = (36975 - 3900)/9] * 4/12 = 1225
Accumulated depreciation = 21600 + 14850 + 1225 = 37675
2)
Date | Particulars | Debit | Credit |
31-Mar-17 | Depreciation expense [9900*3/12] | 2475 | |
Accumulated depreciation equipment | 2475 |
3)
sale proceeds | 58000 | |
Less: | ||
Cost | 88100 | |
Accumulated depreciation [14850 +2475 ] | (17325) | (70775) |
Loss on sale | (12775) | |
4)
Date | Particulars | Debit | Credit |
31-Mar-17 | Cash | 58000 | |
Accumulated depreciation equipment [14850 +2475 ] | 17325 | ||
Loss on sale of equipment | 12775 | ||
Equipment | 88100 |
5)
Date | Particulars | Debit | Credit |
31-Mar-18 | Depreciation expense [245000 / 5] | 49000 | |
Accumulated depreciation building | 49000 |
Date | Particulars | Debit | Credit |
31-Mar-18 | Depreciation expense [(58300/4) +3675] | 18250 | |
Accumulated depreciation equipment | 18250 |
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