Great Lake Furniture Limiteds 2023 financial statements reported these amounts (in thousands of dollars): In the 2023

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Great Lake Furniture Limited’s 2023 financial statements reported these amounts (in thousands of dollars):image


In the 2023 annual report, Great Lake Furniture Limited reported amortization expense of $8,552,000. In addition, the company reported it had disposed of certain property, plant, and equipment assets and acquired others. The gain on disposal of property, plant, and equipment was $56,000.



Required


1. What was the accumulated amortization of the assets disposed of during 2023?


2. Assume that Great Lake Furniture Limited acquired assets costing $27,681,000 during 2023. What was the cost price of the assets sold during the year?


3. Write the journal entry to record the disposal of the property, plant, and equipment at the end of the year.

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Related Book For  book-img-for-question

Horngrens Accounting Volume 1

ISBN: 9780135359709

11th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

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