Record the gain or loss on the sale of the equipment.
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Piper's Pizza sold baking equipment for $27,000. The equipment was originally purchased for $74,000, and
Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No
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- Only need help with part BDo not give answer in imageDiaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,300. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,100 cash. Diaz sold the machine for $33,000 cash. Diaz sold the machine for $40,400 cash.
- Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…Diaz Company owns a machine that cost $126,600 and has accumulated depreciation of $94,200, Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,400 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $40,400 cash.Subject:- Account
- Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $93,300. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $15,600 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $40,900 cash. View transaction list 1 Record the disposal of the machine receiving nothing in return. 2 Record the sale of the machine for $15,600 cash. 3 Record the sale of the machine for $32,400 cash. 4 Record the sale of the machine for $40,900 cash. Note : = = journal entry has been entered Record entry Clear entry X Credit View general journal >In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? Total Gain/Loss Recognized Character of Recognized Gain/Loss Ordinary Gain/Loss 1231 gain/LossPlease please help me
- ! Required information [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $67,500? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)Diaz Company owns machine that cost $126,300 and has accumulated depreciation of $93,000. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,600 cash. 3. Diaz sold the machine for $33,300 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 1 2 Record the disposal of the machine receiving nothing in return. Date January 01 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal >1