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Make the journal entries for each of events sell the tractor

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Cosenza Ltd acquired a truck with a cost of $250 000, an estimated useful life of 6 years and a residual value of $30 000. Sum-of-years-digits depreciation was used. Ignore GST.

Question 1: Make the journal entries for each of the following events: i. Sell the tractor for cash of $120 000 after 2 years of use. ii. Trade in the tractor for a $40 000 allowance after 4 years on another tractor with a cash price of $275 000. iii. Scrap the tractor after 5 years of use. The tractor was given to a scrap dealer who pays $2000 to remove it.

Reference no: EM132525385

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