Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $98,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $50,000. The truck had a cost of $49,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $27,000. Prepare the journal entry Larkspur Corporation would make for the donation. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $98,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $50,000. The truck had a cost of $49,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $27,000. Prepare the journal entry Larkspur Corporation would make for the donation. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

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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