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Prepare the journal entry or entries to record the disposal

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Reference no: EM13513559

On January 1, 2012, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straight-line 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 the limousine assuming that it was:

(a) Retired and scrapped with no salvage value on January 1, 2016.

(b) Sold for $5,000 on July 1, 2015.

Reference no: EM13513559

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