Muaj & Company owns a machine that cost Tk. 200,000 when purchased on July 1, 2018. It has been depreciated using the double declining balance method assuming no salvage value and an estimated useful life of 4 years. The company uses calendar year (January-December) to prepare the financial statements. Instructions: Prepare Muaj & Company’s journal entries to record the sale of the equipment in the following four independent situations: 1) Sold for Tk. 10,000 on January 1, 2021 2) Sold for Tk. 1,000 on July1 1, 2021
Muaj & Company owns a machine that cost Tk. 200,000 when purchased on July 1, 2018. It has been depreciated using the double declining balance method assuming no salvage value and an estimated useful life of 4 years. The company uses calendar year (January-December) to prepare the financial statements. Instructions: Prepare Muaj & Company’s journal entries to record the sale of the equipment in the following four independent situations: 1) Sold for Tk. 10,000 on January 1, 2021 2) Sold for Tk. 1,000 on July1 1, 2021
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 3RE: Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not...
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Muaj & Company owns a machine that cost Tk. 200,000 when purchased on July 1, 2018. It has been
Instructions: Prepare Muaj & Company’s
1) Sold for Tk. 10,000 on January 1, 2021
2) Sold for Tk. 1,000 on July1 1, 2021
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