Question
A vehicle which cost $45,000 and on which $31,000 of accumulated depreciation had been recorded was disposed of on January 3, 2015. Calculate the amount
A vehicle which cost $45,000 and on which $31,000 of accumulated depreciation had been recorded was disposed of on January 3, 2015. Calculate the amount of the gain or loss and write the journal entry necessary to record the disposal under each of the following independent assumptions: (4 points)
It was scrapped for no value.
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It was sold for $8,500.
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It was sold for $15,000
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Primary English Audit And Test Assessing Your Knowledge And Understanding
Authors: Doreen Challen
2nd Edition
190330086X, 978-1903300862
