Exercise 11-10 (Algo) Disposal of property, plant, and equipment [LO11-2] Mercury Inc. purchased equipment in 2019 at a cost of $340,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $32,000. The equipment was sold for $170,900 part way through 2021. Actual production in each year was: 2019 = 63,000 units: 2020 = 100.000 units; 2021 = 50,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $201,900, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3.

Exercise 11-10 (Algo) Disposal of property, plant, and equipment [LO11-2] Mercury Inc. purchased equipment in 2019 at a cost of $340,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $32,000. The equipment was sold for $170,900 part way through 2021. Actual production in each year was: 2019 = 63,000 units: 2020 = 100.000 units; 2021 = 50,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $201,900, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3.

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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