Richard's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment:Machine Cost#1#2$94,600$104,500PurchaseDate7/1/181/1/21Account Titles and ExplanationUsefulLife(To record depreciation expense)5 yrs5 yrsSalvageValue$6,600$5.500DepreciationMethodStraight-lineDouble-declining-balanceDate Sold7/1/22Prepare the journal entries in 2022 to record 2022 depreciation and the sale of each piece of equipment. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter o for the amounts.)Machine 1Debit12/31/22SalesPrice$22,000$40,700Credit

Name: Richard's Lumber Mill sold two pieces of equipment in 2022. The follo
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Description: Richard's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment:Machine Cost#1#2$94,600$104,500PurchaseDate7/1/181/1/21Account Titles and ExplanationUsefulLife(To record depreciation expe

Depreciation expense is the one which is charged on the non-current assets. It is reported in the…

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Richard's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment: Machine Cost # 1 #2 $94,600 $104,500 Purchase Date 7/1/18 1/1/21 Useful Life 5 yrs 5 yrs Salvage Value $6,600 $5,500 Depreciation Method Straight-line Double-declining-balance Sales Price Date Sold 7/1/22 $22,000 12/31/22 $40,700 Prepare the journal entries in 2022 to record 2022 depreciation and the sale of each piece of equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)

Richard's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment: Machine Cost # 1 #2 $94,600 $104,500 Purchase Date 7/1/18 1/1/21 Useful Life 5 yrs 5 yrs Salvage Value $6,600 $5,500 Depreciation Method Straight-line Double-declining-balance Sales Price Date Sold 7/1/22 $22,000 12/31/22 $40,700 Prepare the journal entries in 2022 to record 2022 depreciation and the sale of each piece of equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)

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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