Savory Enterprises reported the following information regarding the companys property, plant, and equipment in the footnotes to
Question:
Savory Enterprises reported the following information regarding the company’s property, plant, and equipment in the footnotes to the company’s 2017 financial statements:
Equipment $500,000
Less: Accumulated depreciation 300,000 200,000
a. Assume that Savory Enterprises sells all of its equipment for $235,000 in cash on January 1, 2018. Prepare the entry to record the sale.
b. Assume that Savory Enterprises sells all of its equipment for $185,000 in cash on January 1, 2018. Prepare the entry to record the sale.
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a Cash A 235000 Accumulated Depreciation A 300000 E...View the full answer
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