Prepare journal entries to record these transactions. (List all debit entries before credit entries. 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 amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) (a) Sunland Company retires its delivery equipment, which cost $52,980. Accumulated depreciation is also $52,980 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,600 instead of $52,980. No. Account Titles and Explanation (a) Accumulated Depreciation-Equipment Equipment (b) Accumulated Depreciation-Equipment Debit 52980 37600 Loss on Disposal of Plant Assets 15380 Equipment Credit 52980 52980
Prepare journal entries to record these transactions. (List all debit entries before credit entries. 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 amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) (a) Sunland Company retires its delivery equipment, which cost $52,980. Accumulated depreciation is also $52,980 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,600 instead of $52,980. No. Account Titles and Explanation (a) Accumulated Depreciation-Equipment Equipment (b) Accumulated Depreciation-Equipment Debit 52980 37600 Loss on Disposal of Plant Assets 15380 Equipment Credit 52980 52980
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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