Homework Answers
| Journal Entry-Mackay Inc. | |||
| Date | Account Tittle | Debit | Credit |
| a. | Accumulated depreciation-Equipment | $25,000 | |
| Loss on disposal of equipment (BF) | $17,000 | ||
| Equipment | $42,000 | ||
| b. | Cash | $18,500 | |
| Accumulated Depreciation-Equipment | $25,000 | ||
| Equipment | $42,000 | ||
| Gain on disposal of equipment(BF) | $1,500 | ||
| c. | Equipment(new) | $45,000 | |
| Accumulated Depreciation-Equipment | $25,000 | ||
| Cash(45000-22000) | $23,000 | ||
| Equipment(old) | $42,000 | ||
| Gain on disposal of equipment(BF) | $5,000 | ||
| d | Equipment(new) | $45,000 | |
| Accumulated Depreciation-Equipment | $25,000 | ||
| Loss on disposal of equipment(BF) | $4,500 | ||
| Equipment(old) | $42,000 | ||
| Notes payable(40000-16500) | $23,500 | ||
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Mackay, Inc., had a piece of equipment that cost $42,000 and had accumulated depreciation of $25,000 Read the requireme...
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On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
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construction equipment for $702,700, with a useful life of six
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straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
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