Assume that Hart Corporation's comparative balance sheet reported these amounts: Requirement Assume that on January 1, 2016,

Question:

Assume that Hart Corporation's comparative balance sheet reported these amounts:

December 31 2014 2015 Plant and Equipment.. Less: Accumulated Depreciation. Net Plant and Equipment.. $ 625,000 155,000

Requirement
Assume that on January 1, 2016, Hart sold 1/10 of its plant and equipment for $56,000 in cash. Journalize this transaction for Hart?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...