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Prepare the entry to record the sale of fixed asset

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Reference no: EM131816933

Problem - Composite Depreciation

Presented below is information related to Morrow Manufacturing Corporation.

Asset

Cost

Estimated Salvage

Estimated Life (in years)

A

$40,500

$5,500

10

B

  33,600

  4,800

  9

C

  36,000

  3,600

  8

D

  19,000

  1,500

  7

E

  23,500

  2,500

  6

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

(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.

(c) Prepare the entry to record the sale of fixed asset D for cash of $5,000. It was used for 6 years, and depreciation was entered under the composite method.

Reference no: EM131816933

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