Reference no: EM133024128
Question -
Part A - London Corp.Company purchased equipment in 2021 for $100,000 and estimated an $10,000 residual value at the end of the equipment's 10-year useful life. At December 31, 2027, there was $63,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2028, the equipment was sold for $28,500. Prepare the appropriate journal entries to update depreciation and then to remove the equipment from the books of Lui Company on March 31, 2028.
Part B - Gagne Company sold a delivery truck for $14,000. The delivery truck originally cost $26,000 in 2021 and $4,000 was spent on a major overhaul in 2027 (charged to Delivery Truck account). Accumulated Depreciation on the delivery truck to the date of disposal was $16,000. Prepare the appropriate journal entry to record the disposition of the delivery truck.
Part C - Campbellford Wholesalers sold office equipment that had a net book value of $6,700 for $7,000. The office equipment originally cost $15,000 and it is estimated that it would cost $19,000 to replace the office equipment. Prepare the appropriate journal entry to record the disposition of the office equipment.
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