Solution-Prepare the entry to record the sale of asset

Prepare the entry to record the sale of asset

Reference no: EM132456757

Question - Presented below is information related to Skysong Manufacturing Corporation.

Asset	Cost	Estimated Salvage	Estimated Life (in years)
A	$43,740	$5,940	10
B	36,288	5,184	9
C	38,880	3,888	9
D	20,520	1,620	7
E	25,380	2,700	6

Required -

1. Compute the rate of depreciation per year to be applied to the plant assets under the composite method.

2. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.

3. Prepare the entry to record the sale of asset D for cash of $5, 184. It was used for 6 years, and depreciation was entered under the composite method.

Reference no: EM132456757

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Prepare the entry to record the sale of asset

Reference no: EM132456757

Reference no: EM132456757

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