Problem #3: On January 1, 2014, Skyview Limo Co. purchased a limousine at an acquisition cost of $28,000. Skyview depreciated the vehicle by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31. Required: Prepare the journal entry or entries to record the disposal of the limousine, assuming that it was: 1. Retired and scrapped with no proceeds on January 1, 2018. Account Title Debit Credit 2. Sold for $5,000 on July 1, 2017. Account Title Debit Credit
Problem #3: On January 1, 2014, Skyview Limo Co. purchased a limousine at an acquisition cost of $28,000. Skyview depreciated the vehicle by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31. Required: Prepare the journal entry or entries to record the disposal of the limousine, assuming that it was: 1. Retired and scrapped with no proceeds on January 1, 2018. Account Title Debit Credit 2. Sold for $5,000 on July 1, 2017. Account Title Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem #3:
On January 1, 2014, Skyview Limo Co. purchased a limousine at an acquisition cost of $28,000. Skyview
depreciated the vehicle by the straight-line method using a 4-year service life and a $4,000 salvage value. The
company's fiscal year ends on December 31.
Required:
Prepare the journal entry or entries to record the disposal of the limousine, assuming that it was:
1. Retired and scrapped with no proceeds
January 1, 2018.
Account Title
Debit
Credit
2. Sold for $5,000 on July 1, 2017.
Account Title
Debit
Credit
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