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D1 The following accounts receivable information pertains to Luxury Cruises. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet
D1 The following accounts receivable information pertains to Luxury Cruises. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the complete forest, leaving the land barren and worthless. Tree Lovers paid $2,100,000 for the land. Tree Lovers will sell the lumber as it is harvested and expects to deplete it over five years (twenty acres in year one, thirty acres in year two, twenty-five acres in year three, fifteen acres in year four, and ten acres in year five). Calculate the annual depreciation expense, accumulated depreciation and book value for the life of the woodland. Debbie Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Debbie selts the equipment for cash. Record the journal entry for the sale of the equipment if Debbie were to sell the equipment for the following amounts: P8. A. $90,000 cash B.C.$85,000cash$80,000cash c. $80,000cash
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