The Bomb Pop Corporation sold ice cream equipment for $14,000. The equipment was originally purchased for $38,000, anddepreciation through the date of sale totaled $25,000.1. What was the gain or loss on the sale of the equipment?on sale2. Record the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" inthe first account field.)View transaction listJournal entry worksheet<>1Record the sale of the equipment.

1. GAIN OR LOSS ON SALE OF THE ASSET : = SALE PRICE OF THE ASSET - BOOK VALUE OF THE ASSET 2. BOOK…

Answered: The Bomb Pop Corporation sold ice cream…

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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Chapter : Fixed Assets Presented below is a data of property held by Luciana and schedule of property dispositions The following additional information is available : a. Machine: On January 5, the used machine was exchanged for another machine. The new machine lists for $25,000 and exchanger gives Luciana a trade-in allowance of $8,000 for the used machine (The exchange has commercial substance) b. Automobile: On January 10, Luciana exchanged used automobile for a new automobile. In addition to the automobile, Luciana must pay $5,000 cash for a new automobile (The exchange lacks commercial substance) Instructions : a. Indicate how these items would be reported on the income statement of Luciana. b. Make necessary journal to recognize all property dispositions’ transaction
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Required information (The following information applies to the questions displayed below.) Rodriguez Company pays $335,000 for real estate plus $17,755 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $68,600; and a building appraised at $225,400. Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase.
Jones Co. recently sold a piece of equipment. Which of the following journal entries would be most appropriate for recording the sale? O Debit to cash O Credit to Loss on Sale O Credit to Accumulated Depreciation O Debit to Equipment
Please answer with detailed explanation On September 1, Sparky Co. sold a building for $75,000. The building originally cost $250,000 and had accumulated depreciation of $180,000 as of the date of sale. What would the journal entry to record the sale include? Credit to Accumulated Depreciation for $180,000 Debit to gain for $5,000 Credit to Building for $75,000 Debit to loss for $5,000 Credit to gain for $5,000
None
Garcla Co. owns equlipment that cost $77,600, with accumulated depreclation of $41.200. Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1) $47,600 cash. (2) $36,400 cash, and (3) $31.,300 cash. Vlew transaction Ilat Journal entry worksheet A Record the sale of equipment assuming Garcia sells the equipment for $47,600 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Vlew general journal
How do I create a new fixed asset account with an account type: Fixed Asset, detail type: Machinery & Equipment, name: Equipment and track deprecciation of this asset in QuickBooks? When I go to the Chart of Accounts to create a new account, I get the attached photo. There's no where to check the "track depreciation" check box.
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $265,000; land improvements are appraised at $79,500; and the building is appraised at $185,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value $ $ 265,000 79,500 185,500 530,000 Percent of Total x Total Cost of Appraised Value Acquisition 50% 15% 35% 100%
2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land improvements are appraised at $86,000, and the building is appraised at $150,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost 0% Required 1 S 0.00 Required 2 >
Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $55,000; and the building is appraised at $275,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost

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