Disposition of Tangible Capital Assets}

Salva Pest Control disposed of four assets recently. Salva's accounting records provided the following information about the assets at the time of their disposal:

The truck was sold for \(\$ 2,450\) cash, and the chemical testing apparatus was donated to the local high school. Because the pump was contaminated with pesticides, \(\$ 500\) in cash was paid to a chemical disposal company to decontaminate the pump and dispose of it safely. The furniture was taken to the local landfill.
\section*{Required:}
1. Prepare a separate journal entry to record the disposition of each of these assets.
2. CONCEPTUAL CONNECTION Explain how the disposals of the tangible capital assets would affect the current period financial statements.
2. Compute and record the 2018 amortization expense for the copyright.
\section*{Problem

Transcribed Image Text:

Asset Pump Cost Accumulated Depreciation $ 6,200 $ 4,800 Truck 18,600 17,500 Furniture 4,200 3,850 Chemical testing apparatus 6,800 4,000