(a)- Ford Company purchased equipment in 2010 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $40,000. Prepare the appropriate journal entries to remove the equipment from the books of Ford Company on March 31, 2017.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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محاسبة 2- الواجب الثالث
Q1- (a)- Ford Company purchased equipment in 2010 for
$150,000 and estimated a $10,000 salvage value at the end of
the equipment's 10-year useful life. At December 31, 2016,
there was $98,000 in the Accumulated Depreciation account
for this equipment using the straight-line method of
depreciation. On March 31, 2017, the equipment was sold for
$40,000.
Prepare the appropriate journal entries to remove the
equipment from the books of Ford Company on March 31,
2017.
Transcribed Image Text:محاسبة 2- الواجب الثالث Q1- (a)- Ford Company purchased equipment in 2010 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $40,000. Prepare the appropriate journal entries to remove the equipment from the books of Ford Company on March 31, 2017.
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