Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold

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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000.

(1) Prepare the journal entry to record the sale.
(2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.

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Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: Sep 27, 2019 11:48 AM

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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold

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1 Cash 3000 Accumulated depreciation x tractor account balance 26000 Los...View the full answer

Intermediate Accounting

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