Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Name: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800.
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Description: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recordedthrough the disposal date totaled $30,000.(1) Prepare the journal entry to record the sale. (2) Now assume the tractor

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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1
At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 Purchased land for $2,774.200. May June 1 July 1 Dec. 31 $26,590,000 11.965,500 1 50,440,000 During 2026, the following selected cash transactions occurred. 6,305,000 $ 3,783,000 14,624,500 44,135.000 $62,542,500 Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received.
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Piper's Pizza sold baking equipment for $27,000. The equipment was originally purchased for $74,000, and depreciation through the date of sale totaled $53,000. Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Assume that Carleton reported the following information regarding a machine at December 31, 2019: Cost $60,000 Accumulated depreciation to date 30,000 Expected future net cash flows 26,000 Fair value 24,000 Assuming that Carleton will continue to use this asset in the future and the machine has a remaining useful life of 4 years. Instructionsa) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. Besides, prepare the journal entry to record depreciation expense for 2020. b) Assuming that Carleton intends to dispose the machine in the coming year. It is expected that the cost of disposal will be $1,000. However, the machine was not sold by December 31, 2020. The fair value of the machine on that date is $26,800. Prepare the journal entry (if any) necessary to record this increase in fair value. c) Assume that Carleton has a crane which has an original cost of $150,000, estimated salvage value of $ 25,000 and a useful life of 5…
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Please Help. Chapter 7 Accounting Question
Marigold Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $7,900 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Marigold Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) (d) (e) (A) SR. Account Titles and Explanation (a) (b) Sold for $45,000 on January 1, 2022. Sold for $45,000 on April 1, 2022. Sold for $17,000 on January 1, 2022. Sold for $17,000 on September 1, 2022 Repeat (a), assuming Marigold uses double-declining balance…
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Hi there, How do I write the journal entires for this question? Thanks
A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date