Prepare journal entries to record the following: (a) James Ltd scraps its delivery equipment, which cost $59

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Prepare journal entries to record the following:

(a) James Ltd scraps its delivery equipment, which cost $59 000. Accumulated depreciation is also $59 000 on this delivery equipment. No residual value is received.

(b) Assume the same information as in part (a), except that accumulated depreciation for James Ltd at the date of disposal is $56 000 instead of $59 000.

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Financial Accounting Reporting Analysis And Decision Making

ISBN: 9780730313748

5th Edition

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

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