Answered step by step
Verified Expert Solution
Question
1 Approved Answer
DATE debit cridet 1 1/1/2019 2 3 4 12/31/2019 5 6 7 12/31/2020 8 9 ## 12/31/2021 ## ## ## 4/1/2022 ## ## ## 4/1/2022
DATE debit cridet | |
1 | 1/1/2019 |
2 | |
3 | |
4 | 12/31/2019 |
5 | |
6 | |
7 | 12/31/2020 |
8 | |
9 | |
## | 12/31/2021 |
## | |
## | |
## | 4/1/2022 |
## | |
## | |
## | 4/1/2022 |
## | |
## | |
## |
DATE | TRANSACTIONS: SKIP ONE LINE BETWEEN TRANSACTIONS | ||
1 | 1/1/2019 | Valdosta purchased equipment for $28,000 on account. | |
Valdosta uses SL depreciation with life of 6 years and salvage value of $4,000. | |||
2 | 12/31/2019 | Valdosta records depreciation for the first year, using straight line depreciation. | |
3 | 12/31/2020 | Valdosta records depreciation for the second year. | |
4 | 12/31/2021 | Valdosta records depreciation for the third year. | |
5 | 4/1/2022 | On this date, prior to sale, Valdosta records depreciation from 12/31 to today. | |
6 | 4/1/2022 | The equipment is sold for $18,000 cash on this date. | |
Bring the Accumulated Depreciation to zero. | |||
Bring the Equipment account to zero. | |||
Record the Gain or Loss. | |||
please use excel for the answer |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started