Assume that Hart corporation's comparative balance sheet reported these amounts: December 31 2017 2016 Plant and Equipme...
Assume that Hart corporation's comparative balance sheet reported these amounts:
December 31
2017 2016
Plant and Equipment..................................... $625,000 $609,000
Less: Accumulated Depreciation................... $155,000 $135,000
Net Plant and Equipment............................... $470,000 $474,000
1. Assume that on January 1, 2018, Hart sold one-tenth of its plant and equipment for 56,000 cash. Journalize this transaction for Hart
Homework Answers
Gross Plant & Equipment on 2017 = $625000
Accumulated Depreciation on 2017 = $155000
On January 1, 2018:
Cost of Plant & Equipment sold = 1/ 10th * Gross Plant & Equipment
Cost of Plant & Equipment sold = 1/10 * $625000 = $62500
Accumulated Depreciation on sold Equipment = 1 / 10th * Accumulated Depreciation
Accumulated Depreciation on sold Equipment = 1 / 10 * $155000 = $15500
We will now calculate the net book value of the Plant & Equipment sold:
Net book value of the Plant & Equipment sold = Cost of Plant & equipment sold - Accumulated Depreciation of the Equipment sold
Net book value of the Plant & Equipment sold = $62500 - $15500 = $47000
Now, we will calculate the gain or loss on sale as per below:
Gain (or loss) = Sale - Net book value
Gain (or loss) = $56000 - $47000 = $9000 (gain)
Required journal entry is:
| Date | Description | Debit | Credit |
| Cash | 56000 | ||
| Accumulated Depreciation | 15500 | ||
| Gain on sale | 9000 | ||
| Plant & Equipment | 62500 | ||
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