Question
Disposal of an Operating Asset Jolie Company owns equipment with a cost of $302,500 and accumulated depreciation of $166,375. Required: Prepare the journal entry to
Disposal of an Operating Asset
Jolie Company owns equipment with a cost of $302,500 and accumulated depreciation of $166,375.
Required:
Prepare the journal entry to record the disposal of the equipment on April 9 assuming:
1. Jolie sold the equipment for $152,500 cash. If an amount box does not require an entry, leave it blank.
Apr. 9
Accumulated Depreciation
Cash
Gain on Disposal of Property, Plant,
Equipment
2. Jolie sold the equipment for $126,600 cash. If an amount box does not require an entry, leave it blank.
Apr. 9
Accumulated Depreciation
Cash
Loss on Disposal of Property, Plant, and Equipment
Equipment
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