Homework Answers
a) Calculation of book value at the time of sale:-
Purchase cost on January 1, 2012 $13,700
Less:- Depreciation for the year 2012 (13,700 - 0 ) / 6 Years = 2283
Book value on January 1, 2013 $11,417
Less:- Depreciation for the year 2013 $2283
Book value on January 1, 2014 $9,134
Less:- Depreciation for the year 2014 $2283
Book value on January 1, 2015 $6,851
Less; Depreciation for the year 2015 $2283
Book Value on January 1, 2016 $4568
Less: Depreciation upto June, 2016 = $2283 / 2 = $1142
Book value on June 30, 2016 $3426
b) Calculation of Grey's Gain or loss on this sale :-
Sales value = $1550
Less: Book value = $3426
Loss on sale = -$1876
c) Journal Entry:-
Loss on sale A/c Dr. $1,876
Cash A/c Dr. $1,550
To Equipment A/c $3,426
(Being asset sold and loss booked)
Add Answer to:
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Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
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value.
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30
Sold a computer that was
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Refrence
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Education, Australia
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Presented below are selected transactions at Ridge Company for
2015.
Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
that date. It had a useful life of 10 years with no salvage
value.
June
30
Sold a computer that was
purchased on January 1, 2012. The computer cost $36,710. It had a
useful life of 5 years with no salvage value. The computer was sold
for $14,920.
Dec.
31
Discarded...
Just explain the part I added red notice for it, only how to get
these numbers ( please show me numbers, the calculation, what to
add multiple, dividend to get this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
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