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Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Incom

Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Incom

FINANCIAL ACCOUNTING
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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Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Stockholders' Equity Liabilities Common Stock Retained Earnings Revenues Income Statement Net Expenses Income
Transcribed Image Text:Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Stockholders' Equity Liabilities Common Stock Retained Earnings Revenues Income Statement Net Expenses Income
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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