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On 31st July 2017, after the depreciation charge was made, the company sold some surplus to requirement Shop Furniture & Fittings that had a written down value of $12,400 at the same of sale, for $14,300.00 (GST inclusive) cash. The shop furniture & fittings had originally cost the company $25,000.
Question a) Explain this statement &
Question b) Provide adjusting journal entries for this statement.
Please also note that the $14,300 includes GST.
Using the gross profit method, estimate the amount of Swiftys' April 30 inventory that was destroyed.
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Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000.
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