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ords of the company reflected the following for the jets that were sol epreciation $62,500,000 46,800,000 ournal entry for the disposal of the airplanes, assuming that the airplan y is required for a transaction/event, select "No journal entry requir

ords of the company reflected the following for the jets that were sol epreciation $62,500,000 46,800,000 ournal entry for the disposal of the airplanes, assuming that the airplan y is required for a transaction/event, select "No journal entry requir

FINANCIAL ACCOUNTING
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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Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about 20 years old. Assume the records of the company reflected the following for the jets that were sold: Aircraft cost Accumulated depreciation Required: $62,500,000 46,800,000 1. Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. $15,700,000 cash b. $16,300,000 cash c. $14,600,000 cash
Transcribed Image Text:Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about 20 years old. Assume the records of the company reflected the following for the jets that were sold: Aircraft cost Accumulated depreciation Required: $62,500,000 46,800,000 1. Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. $15,700,000 cash b. $16,300,000 cash c. $14,600,000 cash
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