Hi I forgot part 2. I got part 1 please check probably 3 hrs ago Pt 2.prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021 Case CRobert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 withan estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 inthe Accumulated Depreciation account for this equipment using the straight-line method of depreciation. Inpreparation for expansion, on March 31, 2021, that equipment was sold for $21 000.Required:

Depreciation for 3 months = (cost- salvage value)/useful life*3/12 Calculation of Gain or loss on…

Answered: Pt 2. prepare the necessary journal…

Business

Accounting

Pt 2. prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021

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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Question

Hi I forgot part 2. I got part 1 please check probably 3 hrs ago

Pt 2.

prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021

Case C
Robert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 with
an estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 in
the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. In
preparation for expansion, on March 31, 2021, that equipment was sold for $21 000.
Required:

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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