4. Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inc has decided to sell the old mixer to another firm. Assume that depreciation is up to date. Required a. Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. b. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. DATE ACCOUNT DR CR

4. Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inc has decided to sell the old mixer to another firm. Assume that depreciation is up to date. Required a. Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. b. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. DATE ACCOUNT DR CR

Name: rr 4.Reeseco inc is specialty chemical compounding company. The compan
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Description: rr 4.Reeseco inc is specialty chemical compounding company. The company has 4high precision compounding mixers and one manual mixer. The manual mixerwas purchased six years ago for $52,000. It was being depreciated over eightyears using straight-line

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AFE

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