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Prepare the journal entry or entries to record the disposal

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Question - On January 1, 2017, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straightline method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31.

Instructions - Prepare the journal entry or entries to record the disposal of limousine assuming that it was.

a. Retired and scrapped with no salvage value on January 1, 2021.

b. Sold for $5,000 on July 1, 2020.

 

 

Reference no: EM132523422

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