Apex Communication purchased equipment on January 1, 2024, for $49,004 Suppose Apex Communication sold the equipment for $36,000 on December 31, 2025. Accumulated Depreciation as ofDecember 31, 2025, was $15,078. Journalize the sale of the equipment, assuming straight-line depreciation was usedFirst, calculate any gain or loss on the disposal of the equipmentMarket value of assets receivedLess Book value of asset disposed ofCostLess Accumulated DepreciationGain or (Loss)4900436000

The journal entries are prepared in the book by debiting one or more accounts and crediting one or…

Answered: First, calculate any gain or loss on…

First, calculate any gain or loss on the disposal of the equipment Market value of assets received Less Book value of asset disposed of Cost Less Accumulated Depreciation Gain or(Loss) 49004 36000

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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Question

Apex Communication purchased equipment on January 1, 2024, for $49,004 Suppose Apex Communication sold the equipment for $36,000 on December 31, 2025. Accumulated Depreciation as of
December 31, 2025, was $15,078. Journalize the sale of the equipment, assuming straight-line depreciation was used
First, calculate any gain or loss on the disposal of the equipment
Market value of assets received
Less Book value of asset disposed of
Cost
Less Accumulated Depreciation
Gain or (Loss)
49004
36000

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