Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid $770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?

Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid $770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 14PB: Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia...

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