Disposition of long-term assets (Learning Objective 5) 10–15 min.

Assume that Hardigan Corporation’s comparative balance sheet reported these amounts:

Plant and Equipment..................................................................

Less: Accumulated Depreciation ................................................

Net Plant and Equipment............................................................

$ 638,000 155,000

$ 483,000

$ 645,000 175,000

$ 470,000 December 31 2013 2012 Requirement 1. Assume that on January 2, 2014, Hardigan sold 1/2 of its plant and equipment for

$252,000 in cash. Journalize this transaction for Hardigan.

AppendixLO1