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Current Attempt in Progress Shown below are the T - accounts relating to equipment that was purchased for cash by a company on the first

Current Attempt in Progress
Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year.
The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $256. Part of
the equipment was sold on the last day of the current year for cash proceeds. (a)
Your answer is correct.
Prepare the journal entries to record purchase of equipment on January 1.(List all debit entries before credit entries. Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts.)
Date Account Titles and Explanation
Debit
Credit
Jan. 1
What was the cash paid?
Cash paid $
eTextbook and Media
List of Accounts
Attempts: unlimited
(b)
Your answer is correct.
Prepare the journal entry to record depreciation recorded on December 31.(List all debit entries before credit entries. Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Credit
Dec. 31
Depreciation Expense
Accumulated Depreciation-Equipment
What was the depreciation expense?
Depreciation expense (C)
Your answer is partially correct.
Prepare the journal entry to record sale of part of the equipment on December 31.(List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter O for the amounts.)
Date Account Titles and Explanation
Debit
Credit
Dec. 31
Cash
Accumulated Depreciation-Equipment
Equipment
]
Gain on Disposal of Plant Assets
What was the loss on disposal?
Loss on disposal
$
eTextbook and Media
List of Accounts
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Attempts: unlimited
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