Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dalton Inc sold a piece of manufacturing equipment for $20,000 on June 30, 2019. They originally bought the equipment for $33,000 on January 1, 2016.

image text in transcribed
Dalton Inc sold a piece of manufacturing equipment for $20,000 on June 30, 2019. They originally bought the equipment for $33,000 on January 1, 2016. Dalton estimated the equipment had a 5 year useful life with a $3,000 salvage value. Dalton has been using the straight-line method to depreciate the equipment. The balance in the Accumulated Depreciation account for the equipment on June 30, 2019 just prior to the sale was $18,000. The entry Dalton must make on June 30 to record the sale of the equipment will include which of the following? O A $8,000 debit to Loss on Disposal O A $8,000 credit to Gain on Disposal O A $33,000 debit to Equipment O A $5,000 credit to Gain on Disposal Some other

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting For Decision Makers

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

4th Edition

1618533614, 9781618533616

More Books

Students also viewed these Accounting questions

Question

Briefly describe Kants theory of moral development.

Answered: 1 week ago