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
Chapter3: Income Sources
Section: Chapter Questions
Problem 43P
Related questions
Question
Ashvinbhai
Transcribed Image Text: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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you