Mack Company purchased equipment in 2018 for $100,000 and estimated an $10,000 salvage value at the...
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Mack Company purchased equipment in 2018 for $100,000 and estimated an $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2024, there was 63,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On April 30, 2025, the equipment was sold for $22,000. Prepare the appropriate journal entries to remove the equipment from the books of the Mack Company on April 30, 2025. Mack Company purchased equipment in 2018 for $100,000 and estimated an $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2024, there was 63,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On April 30, 2025, the equipment was sold for $22,000. Prepare the appropriate journal entries to remove the equipment from the books of the Mack Company on April 30, 2025.
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Accumulated depreciation as at December 31 2024 63000 Book va... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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