K 3. Counselors of Mableton purchased equipment on January 1, 2024, for $82,500. Counselors of Mableton expected the equipment to last for eight years and have a residual value of $2,500. Suppose Counselors of Mableton sold the equipment for $34,500 on December 31, 2028, after using the equipment for five full years. Assume depreciation for 2028 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. (Enter a loss with a minus sign or parentheses.) Market value of assets received 34500 Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Date 82500 Gain or (Loss) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Dec. 31 GELE Y

K 3. Counselors of Mableton purchased equipment on January 1, 2024, for $82,500. Counselors of Mableton expected the equipment to last for eight years and have a residual value of $2,500. Suppose Counselors of Mableton sold the equipment for $34,500 on December 31, 2028, after using the equipment for five full years. Assume depreciation for 2028 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. (Enter a loss with a minus sign or parentheses.) Market value of assets received 34500 Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Date 82500 Gain or (Loss) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Dec. 31 GELE Y

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

A-7

K
3. Counselors of Mableton purchased equipment on January 1, 2024, for $82,500. Counselors of Mableton expected the equipment to last for eight years and have a residual value of $2,500.
Suppose Counselors of Mableton sold the equipment for $34,500 on December 31, 2028, after using the equipment for five full years. Assume depreciation for 2028 has been recorded. Journalize
the sale of the equipment, assuming straight-line depreciation was used.
First, calculate any gain or loss on the disposal of the equipment. (Enter a loss with a minus sign or parentheses.)
Market value of assets received
34500
Less: Book value of asset disposed of
Cost
Less: Accumulated Depreciation
Gain or (Loss)
Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Accounts and Explanation
Credit
Date
82500
Dec. 31
Debit

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