EXERCISE 11-11 ENTRIES FOR SALE OF PLANT ASSET A piece of equipment acquired on January 3, 1991, at a cost of $57,500, has an esti useful life of 5 years, an estimated residual value of $7,500, and is depreciated straight-line method. Objective 7 a. What was the book value of the equipment at December 31, 1994, the end of the ic year? b. Assuming that the equipment was sold on July 1, 1995, for $9,000, journalize the anti to record (1) depreciation for the six months of the 'curfent year ending December 1995, and (2) the sale of the equipment.
EXERCISE 11-11 ENTRIES FOR SALE OF PLANT ASSET A piece of equipment acquired on January 3, 1991, at a cost of $57,500, has an esti useful life of 5 years, an estimated residual value of $7,500, and is depreciated straight-line method. Objective 7 a. What was the book value of the equipment at December 31, 1994, the end of the ic year? b. Assuming that the equipment was sold on July 1, 1995, for $9,000, journalize the anti to record (1) depreciation for the six months of the 'curfent year ending December 1995, and (2) the sale of the equipment.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter9: Long-term Assets: Fixed And Intangible
Section: Chapter Questions
Problem 9.17EX: Entries for sale of fixed asset Equipment acquired on January 8 at a cost of 168,000 has an...
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