Equipment acquired at a cost of $126,000 has a book value of $42,000. a. The equipment had no market value and was discarded. b. The equipment is sold for $54,000. c. The equipment is sold for $24,000. Journalize the disposal of the equipment under the assumptions listed above. If an amount box does not require an entry, leave it blank. а. b. ccumulated Depreciation - Equipment Cash Depreciation Expense - Equipment Equipment Gain on Sale of Equipment

Equipment acquired at a cost of $126,000 has a book value of $42,000. a. The equipment had no market value and was discarded. b. The equipment is sold for $54,000. c. The equipment is sold for $24,000. Journalize the disposal of the equipment under the assumptions listed above. If an amount box does not require an entry, leave it blank. а. b. ccumulated Depreciation - Equipment Cash Depreciation Expense - Equipment Equipment Gain on Sale of Equipment

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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