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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
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