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A microcomputer was purchased on January 1, 2017 at a cost of    $11,000. It is expected to have a useful life of 5 years and a    residual value of $1000. The microcomputer is depreciated  using the straight line method.  Assume the microcomputer is disposed of, after year end depreciation has been recorded on January 1, 2020.     REQUIRED: Give the general journal entry to record the sale of the microcomputer under the following unrelated circumstances:       1. The microcomputer is sold for $1,000.       2. The microcomputer is sold for $7,300.       3. The microcomputer is abandoned   Hint: Calculate Accumulated Depreciation balance at January 1, 2020

A microcomputer was purchased on January 1, 2017 at a cost of    $11,000. It is expected to have a useful life of 5 years and a    residual value of $1000. The microcomputer is depreciated  using the straight line method.  Assume the microcomputer is disposed of, after year end depreciation has been recorded on January 1, 2020.     REQUIRED: Give the general journal entry to record the sale of the microcomputer under the following unrelated circumstances:       1. The microcomputer is sold for $1,000.       2. The microcomputer is sold for $7,300.       3. The microcomputer is abandoned   Hint: Calculate Accumulated Depreciation balance at January 1, 2020

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A microcomputer was purchased on January 1, 2017 at a cost of    $11,000. It is expected to have a useful life of 5 years and a    residual value of $1000. The microcomputer is depreciated  using the straight line method.  Assume the microcomputer is disposed of, after year end depreciation has been recorded on January 1, 2020.

 

  REQUIRED:

Give the general journal entry to record the sale of the microcomputer under the following unrelated circumstances:

      1. The microcomputer is sold for $1,000.

      2. The microcomputer is sold for $7,300.

      3. The microcomputer is abandoned

 

Hint: Calculate Accumulated Depreciation balance at January 1, 2020

 

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