Prepare Pina Colada Corp.’s journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $29,920 on January 1, 2022. (b) Sold for $29,920 on May 1, 2022. (c) Sold for $10,300 on January 1, 2022. (d) Sold for $10,300 on October 1, 2022.
Prepare Pina Colada Corp.’s journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $29,920 on January 1, 2022. (b) Sold for $29,920 on May 1, 2022. (c) Sold for $10,300 on January 1, 2022. (d) Sold for $10,300 on October 1, 2022.
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 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...
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Pina Colada Corp. owns equipment that cost $62,700 when purchased on January 1, 2019. It has been
(a) | Sold for $29,920 on January 1, 2022. | |
(b) | Sold for $29,920 on May 1, 2022. | |
(c) | Sold for $10,300 on January 1, 2022. | |
(d) | Sold for $10,300 on October 1, 2022. |
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