Every Where Development Co. showed the following selected PPE balances on January 31, 2023:

¹Remaining estimated useful life is 40,000 kilometres with a residual value of $9,800; depreciated using the units-of-production method.²Total estimated useful life is 10 years with a residual value of $16,800; depreciated using the double-declining-balance method to the nearest whole month.³Remaining estimated useful life is three years with a residual value of $5,600; depreciated using the straight-line method to the nearest whole month.

RequiredPrepare the entries to record the following disposals:1. The van was sold on March 2, 2023, for cash of $17,920. It had been driven 4,500 kilometres from January 31, 2023, to the date of sale.2. The machinery was sold on August 27, 2023, for cash of $95,718.3. The equipment was sold on June 29, 2023, for cash of $27,720.

Transcribed Image Text:

Van Accumulated depreciation, van¹ Machinery Accumulated depreciation, machinery² Equipment Accumulated depreciation, equipment³ $64,400 40,600 128,800 20,440 75,600 44,800