Please do not give solution in image format thanku DateAccount Titles and Explanation(To record depreciation expense)(To record sale of equipment)DebitCredit Blossom Excavations Ltd. (BEL) operates specialized equipment for installing natural gas pipelines. BEL, which has a December 31 yearend, began 2024 with a single piece of equipment that had been purchased on January 1, 2021, for $27,000 and a truck that had beenpurchased on January 1, 2023, for $40,000. When the equipment was purchased, BEL's management had estimated that theequipment would have a residual value of $3,000 and a useful life of six years. When the truck was purchased, managementdetermined that it would have a useful life of four years and a residual value of $3,000.On March 31, 2024, BEL sold this piece of equipment for $19,000 cash. On April 12, 2024, BEL purchased replacement equipmentwith double the capacity for $43,000 cash. BEL's management determined that this equipment would have a useful life of six years anda residual value of $7,000.Prepare all necessary journal entries for the year ended December 31, 2024. Assume that BEL uses the straight-line depreciationmethod for its equipment and the double-diminishing-balance method for its trucks. (Record entries in the order displayed in the problemstatement. 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 O for the amounts. List all debit entries before credit entries.)

Answer : Date Account title Debit Credit Mar.31 Depreciation expenses $1000 Accumulated…

ith a single piece of equipment that had been purchased on January 1, January 1, 2023, for $40,000. When the equipment was purchased, BEL's m uld have a residual value of $3,000 and a useful life of six years. When the t at it would have a useful life of four years and a residual value of $3,000. 2024, BEL sold this piece of equipment for $19,000 cash. On April 12, 2024 e capacity for $43,000 cash. BEL's management determined that this equip e of $7,000. cessary journal entries for the year ended December 31, 2024. Assume that equipment and the double-diminishing-balance method for its trucks. (Reco

ith a single piece of equipment that had been purchased on January 1, January 1, 2023, for $40,000. When the equipment was purchased, BEL's m uld have a residual value of $3,000 and a useful life of six years. When the t at it would have a useful life of four years and a residual value of $3,000. 2024, BEL sold this piece of equipment for $19,000 cash. On April 12, 2024 e capacity for $43,000 cash. BEL's management determined that this equip e of $7,000. cessary journal entries for the year ended December 31, 2024. Assume that equipment and the double-diminishing-balance method for its trucks. (Reco

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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