Asset disposal Extract from balance sheets at 30 June: 2023 2022 $ $ Equipment 820 000 700

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Asset disposal Extract from balance sheets at 30 June:

2023 2022

$ $

Equipment 820 000 700 000 Less: Accumulated depreciation (400 000) (340 000)

Equipment net 420 000 360 000 Additional information:
(i) Purchased additional equipment for $200 000.
(ii) Proceeds from the sale of equipment was $60 000 with a gain on sale of $20 000.
Prepare the journal entry for the sale of equipment.

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Fundamentals Of Accounting And Financial Management

ISBN: 9780170454797

8th Edition

Authors: Professor Ken Trotman, Kerry Humphreys

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Question Posted: Jul 29, 2024 07:04 AM

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Asset disposal Extract from balance sheets at 30 June: 2023 2022 $ $ Equipment 820 000 700

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Fundamentals Of Accounting And Financial Management

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