Solution-Discuss part of the equipment was sold on the last

Discuss part of the equipment was sold on the last day

Reference no: EM131761859

"Plant Assets" Please respond to the following:

Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $100. Part of the equipment was sold on the last day of the current year for cash proceeds.

Instructions

Prepare the journal entries to record the following and derive the missing amounts:

(a) Purchase of equipment on January 1. What was the cash paid?

(b) Depreciation recorded on December 31. What was the depreciation expense?

Reference no: EM131761859

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Discuss part of the equipment was sold on the last day

Reference no: EM131761859

Reference no: EM131761859

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