1Cheung Studios operates amusement parks in the United States and Canada. During 2018, it reported the following (in millions):From the incone statementLoss on sale of equipmentDepreciation expenseFrom the balance sheetEquipnent, beginningEquipnent, endingAccumulated depreciation, beginningAccumulated depreciation, ending$ 101851,7651,8351,6351,780Equipment costing $200 was purchased during the year.Required:For the equipment that was disposed of during the year, compute the following: (a) Its original cost, (b) its accumulated depreciation,and (c) the cash received from the disposal. (Enter your answers in millions.)$ in million(0) Original cost of equipment sold0) Accumulated Depreciation-Equipment(e) Cash Received from SaleRequired information(The following information applies to the questions displayed below.)Part 1 of 2Suppose your company sells services of $210 in exchange for $150 cash and $60 on account. Depreciation of $80relating to equipment also is recorded.Required:1. Prepare the Jourmal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheetABRecord the service revenue of $150 for cash and $60 on account.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journalMcGrawHill< Prev

Answer 1 a) Calculation of Original cost of Equipment Sold Original cost of equipment sold =…

Cheung Studios operates amusement parks in the United States and Canada. During 2018, it reported the following (in millions): From the incone statement Loss on sale of equipment Depreciation expense From the balance sheet Equipnent, beginning Equipnent, ending Accumulated depreciation, beginning Accumulated depreciation, ending $10 185 1,765 1,835 1,635 1,780 Equipment costing $200 was purchased during the year.

Cheung Studios operates amusement parks in the United States and Canada. During 2018, it reported the following (in millions): From the incone statement Loss on sale of equipment Depreciation expense From the balance sheet Equipnent, beginning Equipnent, ending Accumulated depreciation, beginning Accumulated depreciation, ending $10 185 1,765 1,835 1,635 1,780 Equipment costing $200 was purchased during the year.

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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