Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 9 - Reporting and Analyzing Long-Lived Assets - Exercises - Page 486: E9-7

Answer

(a) Accumulated Depreciation 20,000 dollars Loss on disposal of delivery equipment 30,000 dollars Delivery equipment 50,000 dollars (b) Cash 37,000 dollars Accumulated Depreciation 20,000 dollars Delivery equipment 50,000 dollars Gain on disposal of delivery equipment 7,000 dollars (c) Cash 18,000 dollars Accumulated Depreciation 20,000 dollars Loss on disposal of delivery equipment 12,000 dollars Delivery equipment 50,000 dollars

Work Step by Step

(a) To record disposal of delivery equipment as scrap (b) To record disposal of delivery equipment for 37,000 dollars (c) To record disposal of delivery equipment 18,000 dollars
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