Equipment acquired at a cost of $126,000 has a book value of $42,000. a. The equipment had no market value and was discarded. b. The equipment is sold for $54,000. c. The equipment is sold for $24,000. Journalize the disposal of the equipment under the assumptions listed above. If an amount box does not require an entry, leave it blank. а. b. ccumulated Depreciation - Equipment Cash Depreciation Expense - Equipment Equipment Gain on Sale of Equipment

Equipment acquired at a cost of $126,000 has a book value of $42,000. a. The equipment had no market value and was discarded. b. The equipment is sold for $54,000. c. The equipment is sold for $24,000. Journalize the disposal of the equipment under the assumptions listed above. If an amount box does not require an entry, leave it blank. а. b. ccumulated Depreciation - Equipment Cash Depreciation Expense - Equipment Equipment Gain on Sale of Equipment

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 35BE: Disposal of an Operating Asset Jolie Company owns equipment with a cost of $85,500 and accumulated...

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