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Prepare appropriate journal entries to remove the equipment

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Reference no: EM132763451

Questions -

Q1. Enumerate the differences between Amortization and Depreciation

Pearl Company Ltd acquires land for $77,000 cash. Additional costs are as follows.

Removal of shed $300

Filling and grading $1,500

Salvage value of lumber of shed $120

Broker commission $1,130

Paving of parking lot $10,000

Closing costs $560

Required - What is the cost of the land that Pearl Company will record?

Q2. SAM Company Ltd purchased equipment in 2010 for $104,000 with an estimated salvage value of $8,000 and a 10-year useful life. At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000.

Required - Prepare the appropriate journal entries to remove the equipment from the books of SAM Company Ltd on March 31, 2017?

Reference no: EM132763451

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