6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the...

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6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the time

business accounting

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Answer 1

Answer #1

Gain (Loss) = Cash received - Book value

= 100,000 - (240,000-125,000)

= loss of 15,000

	Debit	Credit
Cash	100,000
Accumulated Depreciation - Equipment	125,000
Loss on sale of equipment	15,000
Equipment		240,000

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Answer 2

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Add Answer to: 6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the...

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