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
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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Question
In 2022, Concord Corporation has plant equipment that originally cost $130000 and has
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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