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Calculate depreciation on equipment, loss of disposal, and sales of equipment Here is the full question I had. The values change when I try again.
Calculate depreciation on equipment, loss of disposal, and sales of equipment
Here is the full question I had. The values change when I try again. New values will be placed below the screenshots of the questions.
That's the full question for reference, and here are the new values for my new version of the question:
Atco Industries had a piece of equipment that cost $49,000 and had accumulated depreciation of $10,000. Read the requirement - X * Requirement 1. Record the disposition of the equipment assuming the following independent situations a. Atco discarded the equipment, receiving SO. b. Atco sold the equipment for $43.000 cash. O. Atco traded the equipment in on a new piece of equipment costing $52,000. Atoo was granted a $42,500 trade-in allowance for the old equipment and paid the difference in cash. d. Atco traded the equipment in on a new piece of equipment costing $41,000. Atco was granted a $35.000 trade-in allowance for the old equipment and signed a note payable for the difference Print Done a. Atco discarded the equipment receiving SO. (Record debits first, then credits. Exclude explanations from all journal entries.) Journal Entry Date Credit Accounts Accumulated depreciation Loss on disposal of equipment Equipment Debit 10,000 39.000 49,000 b. Atco sold the equipment for $43,000 cash. Date Credit b. Journal Entry Accounts Cash Accumulated depreciation Equipment Gain on sale of equipment Debit 43.000 10,000 49,000 4,000 c. Atco traded the equipment in on a new piece of equipment costing S52.000. Atco was granted a $42.500 trade-in allowance for the old equipment and paid the difference in cash. Journal Entry Date Accounts Debit Credit Equipment (new) 52,000 Accumulated depreciation 10.000 Cash Equipment (old) Gain on trade-in of old equipment 0.500 40.000 3.500 d. Atco traded the equipment in on a new piece of equipment costing $41,000. Atco was granted a $35.000 trade-in allowance for the old equipment and signed a note payable for the difference. Date Credit Journal Entry Accounts Equipment (new) Accumulated depreciation Loss on trade-in of old equipment Equipment (old) Note payable Debit 41,000 10,000 4,000 49,000 6,000 Boutlier Industries had a piece of equipment that cost $86,000 and had accumulated depreciation of $45,000 Read the requirement Requirement 1. Record the disposition of the equipment assuming the following independent situations a. Boutlier discarded the equipment, receiving SO. b. Boutlier sold the equipment for $24,000 cash. o. Boutier traded the equipment in on a new piece of equipment costing $73,000. Boutier was granted a $23.000 trade-in allowance for the old equipment and paid the difference in cash. d. Boutlier traded the equipment in on a new piece of equipment costing 561,000. Boutlier was granted a $18,500 trade-in allowance for the old equipment and signed a note payable for the difference. Print Done
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