ACC220 Lab 2 - Ch. 9\ Question 5 of

8

\

(-)/(21),i-=,vdots

\ View Policies\ Current Attempt in Progress\ The following are some transactions of Blossom Company for 2024. Blossom Company uses straight-line depreciation and has a December 31 year end.\ Apr. 1 Retired a piece of equipment that was purchased on January 1, 2015, for

$48,000

. The equipment had an expected useful life of 10 years with no residual value.\ July 30 Sold equipment for

$1,700

cash. The equipment was purchased on January 3, 2022, for

$13,320

and was depreciated over an expected useful life of three years with no residual value.\ Nov. 1 Traded in an old vehicle for a new vehicle, receiving a

$10,000

trade-in allowance and paying

$36,000

cash. The old vehicle had been purchased on November 1,2018 , at a cost of

$32,800

. The estimated useful life was eight years and the estimated residual value was

$6,400

. The fair value of the old vehicle was

$8,500

on November

1,2024

.\ (a)\ For each of these disposals, prepare a journal entry to record depreciation from January 1, 2024, to the date of disposal, if

Question 5 of 8 /21 View Policies Current Attempt in Progress The following are some transactions of Blossom Company for 2024. Blossom Company uses straight-line depreciation and has a December 31 year end. Apr. 1 Retired a piece of equipment that was purchased on January 1,2015 , for $48,000. The equipment had an expected useful life of 10 years with no residual value. July 30 Sold equipment for $1,700 cash. The equipment was purchased on January 3,2022 , for $13,320 and was depreciated over an expected useful life of three years with no residual value. Nov. 1 Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1,2018 , at a cost of $32,800. The estimated useful life was eight years and the estimated residual value was $6,400. The fair value of the old vehicle was $8,500 on November 1,2024 . (a) For each of these disposals, prepare a journal entry to record depreciation from January 1, 2024, to the date of disposal, if