Homework Answers
Answer:
| Journal Entries | ||||
| S. No | Particular | Debit ($) | Credit ($) | Explanation |
| 1 | Retained Earnings A/c Dr | $37,800 | ||
| Equipment A/c Dr | $27,000 | (155000-128000) | ||
| To Accumulated Depreciation A/c | $64,800 | i.e. (155000-65000)+(65000/5*2)-(128000/5*2) | ||
| 2 | Accumulated Depreciation A/c Dr | $12,600 | i.e. (128000-65000)/5 | |
| To Depreciation A/c | $12,600 | |||
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Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora...
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