Reference no: EM132512960
Pharoah Limited purchased delivery equipment on March 1, 2016, for $140,000 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $9,120. The equipment was disposed of on November 30, 2018. Pharoah uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually.
Question 1: Record the acquisition of equipment on March 1, 2016
Question 2: Record depreciation at August 31, 2016, 2017, and 2018
Question 3: Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1. It was sold for $58,010.
2. It was sold for $83,110.
3. It was retired for no proceeds.
(To record depreciation on equipment disposed)
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