E9-7 Wang Co. has delivery equipment that cost $50,000 and has been depreciated $24,000. Instructions Record entries for the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold for $37,000. (c) It was sold for $20,000.

E9-7 Wang Co. has delivery equipment that cost $50,000 and has been depreciated $24,000. Instructions Record entries for the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold for $37,000. (c) It was sold for $20,000.

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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E9-7 Wang Co. has delivery equipment that cost $50,000 and has been depreciated $24,000.
5.
Instructions
Record entries for the disposal under the following assumptions.
(a) It was scrapped as having no value.
(b) It was sold for $37,000.
(c) It was sold for $20,000.

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