Question

Assume that one of the fixed assets listed in Apple’s 2017 balance sheet will be disposed of. Please provide the journal entry for the disposition of that asset. (You may have to look in the notes to the financial statements to see what the amount of accumulated depreciation is.) Next, assume that the company will sell the fixed asset for a gain of $20,000. Please provide the journal entry for the sale of that asset at a $20,000 gain.

Note 3 - Consolidated Financial Statement Details The following tables show the Company's consolidated financial statement details as of September 30, 2017 and September 26, 2016 (in Millions Property. Plant and Equipment, Net 54210 Land and buildings Machinery, equipment and intemal-use software Leasehold improvements Gross property, plant and equipment Accumulated depreciation and amortization Total property, plant and equipment, net 141293) 33.763 27010 Other Non-Current Liabilities 31 5045 Deferred tax liabilities Other non-current liabilities Total other non-current liabilities 8.911 10.05 3 6074 - 40415 Other Income Expense). Net The following table shows the detail of other income (expense), net for 2017, 2016 and 2015 (in Millions): 2017 2016 Interest and dividend income 5,201 $ 3.999 Interest expense (2,323) (1.456) Other expense, net (133) (1.195) Total other income/expense), net 2,745 $ 1 348 5 $ (903 .285 1 Note 4 - Acquired Intangible Assets The Company's acquired intangible assets with definite useful lives primarily consist of patents and licenses. The following table summarizes the components of acquired intangible asset balances as of September 30, 2017 and September 24, 2016 in millions 2016 Gros Gross Carrying Amount Accumulated Amortization Carrying Amount Carrying Amount Accumulated Amortization Carrying Amour $ 7,507 S (5,309) $ 2198 $ 8,912 $ 5.806) $ 3.106 Definite-lived and amortizable acquired intangible assets Indefinite-lived and non-amortizable acquired intangible assets Total acquired intangible assets Apple Inc. 1 2017 Form 10-K 154

Answer 1

Accumulated Dep A/c----- Dr			$      35,984
To Fixed Asset				$ 35,984
Bank---- Dr	$ 59,092
To Fixed Asset			$      39,092
TO Gain on sale of asset			$      20,000