7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) A $35,000 $15,000 $50,000 DEBIT Cash CREDIT Non-current assets – cost $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost B $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash $35,000 $50,000 $65,000 C CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 $65,000 $35,000 $50,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) A $35,000 $15,000 $50,000 DEBIT Cash CREDIT Non-current assets – cost $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost B $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash $35,000 $50,000 $65,000 C CREDIT Non-current assets CREDIT Profit on disposal (SPL) $20,000 $65,000 $35,000 $50,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $50,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterA: Methods Of Depreciation

Section: Chapter Questions

Problem 4P: Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property...

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7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000
Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000
8.18 please
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Please answer question 10
PA12. LO 11.5 Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cash
Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cash
Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property for tax purposes. Required Prepare a schedule of depreciation under MACRS. Round figures to the nearest whole dollar. PROBLEM A-1 A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be 2,000. Check Figure Year 3 depreciation, 3,456
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On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000. As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the sales of the Machine Select one: О. 15,000 35,000 Cash Accumulated Depreciation Loss on disposal of Machine Machine 6,000 56,000 O b. Accumulated Depreciation 35,000 Equipment 35,000 O c. Truck 56,000 直。 كتب هنا ل لبحث
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On January 1, 2020, Flounder Inc. sold computer equipment to Shamrock Co. The sales price of the equipment was $515,000 and its carrying amount is $398,000. Record any journal entries necessary for Flounder from the sale of the computer equipment in 2020. 1/1/20 Cash 515000 Equipment 398000 Gain on Disposal of Equip 117000 Use the information from part a. Assume that, on the same day the sale occurred, Flounder enters into an agreement to lease the equipment from Shamrock for 10 years with annual lease payments of $66,694.90 at the end of each year, beginning on December 31, 2020. If Flounder has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Flounder from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2…