Disposal of Plant Assets and Intangibles

Question 1 2(working and calculations) +3 (journal entry)=5 Marks

Netsol Communication purchased equipment on January 1, 2018, for $27,500. Suppose Netsol Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,000. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Question 2 2(working and calculations) +3 (journal entry)=5 Marks

Sweet Company purchased equipment on January 1, 2018, for $28,000. Suppose Sweet Company sold the equipment for $4,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was $11,000. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Question 3 2(working and calculations) +3 (journal entry) =5 Marks

Latif Company purchased equipment for $22,000. Latif recorded total depreciation of $19,000 on the equipment. On January 1, 2018, Latif traded in the equipment for new equipment, paying $23,200 cash. The fair market value of the new equipment is $25,100. Journalize Latif Companys exchange of equipment.

Assignment 3 Total Marks: 30 BUSN 201 Weightage: 30% Fall 21 Submission: Single PDF via Moodle Disposal of Plant Assets and Intangibles Question 1 2(working and calculations) +3 (journal entry)=5 Marks Netsol Communication purchased equipment on January 1, 2018, for $27,500. Suppose Netsol Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,000. Journalize the sale of the equipment, assuming straight-line depreciation was used Question 2 2(working and calculations) +3 (journal entry)=5 Marks Sweet Company purchased equipment on January 1, 2018, for $28,000. Suppose Sweet Company sold the equipment for $4,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was $11,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. Question 3 2(working and calculations) +3 (journal entry)=5 Marks Latif Company purchased equipment for $22,000. Latif recorded total depreciation of $19,000 on the equipment. On January 1, 2018, Latif traded in the equipment for new equipment, paying $23,200 cash. The fair market value of the new equipment is $25,100. Journalize Latif Company's exchange of equipment. Question 4 Partner Bank recently traded in office fixtures. Here are the facts: ou fixtures Cost. 51.000 Cash paid 5110,000 Accumulated depreciation. 86.000 Market value. 133.000 New fixtures Requirements 1. Record Partner Bank's trade-in of old fixtures for new ones. 26rlin and moleulatie