Prepare journal entries to record these transactions.(a)Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this deliveryequipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationSave for LaterDebitCreditAttempts: 0 of 2 usedSubmit Answer

Step 1:Journal entry to retire delivery equipment: Account Titles and…

Answered: Prepare journal entries to record these…

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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Prepare journal entries to record these transactions. (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 0 for the amounts.) Blossom Company retires its delivery equipment, which cost $40,000. Accumulated depreciation is also $40,000 on this delivery equipment. No salvage value is received. Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,000 instead of 40,000. (a) (b) No. Account Titles and Explanation Debit Credit (a) (b)
Prepare journal entries to record these transactions. (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 0 for the amounts.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000
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At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. May 1 June 1 July 1 Dec. 31
Express Co. purchased equipment on March 1, 2019, for $95.000 on account. The equipment had an estimated useful life of five years with a residual value of $5.000. The equipment is disposed of on February 1. 2022. Express Co. uses the diminishing balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month The company has an August 31 year end Your answer is correct. Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amountsJ Debit Credit Date Account Titles and Explanation 95000 Mar 1 faiement 500 Accounts Favable Torrserd purchase of equipment on account)
Prepare journal entries to record these transactions. (a) Echo Company retires its delivery equipment, which cost $41000. Accumulated depreciation is also $41000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), expcept that accumulated depreciation for the equipment is $37200 instead of $41000.
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Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Record entries for the disposal under the following assumptions. (Credit account titles are automatically Indented when amount Is Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.) (a) It was scrapped as having no value. (b) It was sold for $37,200. (c) It was sold for $19,900. No. Account Titles and Explanation Debit Credit (a)

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