! Required information M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5] [The following information applies to the questions displayed below.] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $720. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < A Record the sale of the shelving units for $1,280. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
! Required information M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5] [The following information applies to the questions displayed below.] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $720. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < A Record the sale of the shelving units for $1,280. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line
Depreciation) [LO 9-5]
[The following information applies to the questions displayed below.]
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units
(recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been
depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of
$720.
M9-10 (Algo) Part 2
2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field. Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
A
Record the sale of the shelving units for $1,280.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a1b1c4a-8a4f-4679-99a3-5ebcc6a952ae%2F916bbb6d-5b4f-45a8-b30d-ec10340f5be8%2F6c81aea_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line
Depreciation) [LO 9-5]
[The following information applies to the questions displayed below.]
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units
(recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been
depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of
$720.
M9-10 (Algo) Part 2
2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field. Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
A
Record the sale of the shelving units for $1,280.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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