Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.

Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.

Name: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. T
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Description: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tracto

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...

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