In 2022, Concord Corporation has plant equipment that originally cost $130000 and has accumulated depreciation of $58000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Concord use to record the retirement of the equipment? Loss on Disposal of Plant Assets 72000     Equipment   72000 Plant Equipment 130000     Accumulated Depreciation - Equipment   58000   Loss on Disposal of Plant Assets   72000 Loss on Disposal of Plant Assets 72000     Accumulated Depreciation - Equipment   72000 Accumulated Depreciation - Equipment 58000   Loss on Disposal of Plant Assets 72000     Equipment   130000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...
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In 2022, Concord Corporation has plant equipment that originally cost $130000 and has accumulated depreciation of $58000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Concord use to record the retirement of the equipment?

Loss on Disposal of Plant Assets

72000

 

 

Equipment

 

72000

Plant Equipment

130000

 

 

Accumulated Depreciation - Equipment

 

58000

 

Loss on Disposal of Plant Assets

 

72000

Loss on Disposal of Plant Assets

72000

 

 

Accumulated Depreciation - Equipment

 

72000

Accumulated Depreciation - Equipment

58000

 

Loss on Disposal of Plant Assets

72000

 

 

Equipment

 

130000

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