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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8P: Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of...
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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
REQUIRED:
Give the general
1. The microcomputer is sold for $1,000.
2. The microcomputer is sold for $7,300.
3. The microcomputer is abandoned
Hint: Calculate
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