Sarasota Co. has equipment that cost $75,700 and that has been depreciated $49,800. Record the disposal...
Sarasota Co. has equipment that cost $75,700 and that has been
depreciated $49,800.
Record the disposal under the following assumptions.
| (a) | It was scrapped as having no value. | |
| (b) | It was sold for $22,200. | |
| (c) | It was sold for $27,200. |
(Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
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Account Titles and Explanation |
Debit |
Credit |
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Homework Answers
| A) | Accumulated Depreciation | 49,800 | |
| Loss on disposal | 25,900 | ||
| Equipment | 75,700 | ||
| B | Cash | 22,200 | |
| Accumulated Depreciation | 49,800 | ||
| Loss on sale of equipment | 3,700 | ||
| Equipment | 75,700 | ||
| C | Cash | 27,200 | |
| Accumulated Depreciation | 49,800 | ||
| Gain on sale of equipment | 1,300 | ||
| Equipment | 75,700 |
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