FontParagraphStylesDictateSensitivityEditor101114151617Part A:London Corp.Company purchased equipment in 2021 for $100,000 and estimated an$10,000 residual value at the end of the equipment's 10-year useful life. At December 31,2027, there was $63,000 in the Accumulated Depreciation account for this equipmentusing the straight-line method of depreciation. On March 31, 2028, the equipment wassold for $28,500.Required Part A:a)Prepare the appropriate journal entries to update depreciation and then to removethe equipment from the books of Lui Company on March 31, 2028.Part B:Gagne Company sold a delivery truck for $14,000. The delivery truck originally cost$26,000 in 2021 and $4,000 was spent on a major overhaul in 2027 (charged to DeliveryTruck account). Accumulated Depreciation on the delivery truck to the date of disposalwas $16,000.Required Part B:Prepare the appropriate journal entry to record the disposition of the delivery truck.Part C:Campbellford Wholesalers sold office equipment that had a net book value of $6,700 for$7,000. The office equipment originally cost $15,000 and it is estimated that it would cost$19,000 to replace the office equipment.Required Part C:Prepare the appropriate journal entry to record the disposition of the office equipment.of 71471 wordsE FocusDue DateApr 24, 2022 11:59 PMSubmitCaAPR6822étv N A

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Description: FontParagraphStylesDictateSensitivityEditor101114151617Part A:London Corp.Company purchased equipment in 2021 for $100,000 and estimated an$10,000 residual value at the end of the equipment's 10-year useful life. At December 31,2027, there was $63,0

Accumulated depreciation – equipment is the entire amount of depreciation that has been charged…

Business

Accounting

Part A: London Corp.Company purchased equipment in 2021 for $100,000 and e $10,000 residual value at the end of the equipment's 10-year useful life. At De 2027, there was $63,000 in the Accumulated Depreciation account for this using the straight-line method of depreciation. On March 31, 2028, the equ sold for $28,500. Required Part A: a) Prepare the appropriate journal entries to update depreciation and ther the equipment from the books of Lui Company on March 31, 2028.

Part A: London Corp.Company purchased equipment in 2021 for $100,000 and e $10,000 residual value at the end of the equipment's 10-year useful life. At De 2027, there was $63,000 in the Accumulated Depreciation account for this using the straight-line method of depreciation. On March 31, 2028, the equ sold for $28,500. Required Part A: a) Prepare the appropriate journal entries to update depreciation and ther the equipment from the books of Lui Company on March 31, 2028.

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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