Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal
Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal is being carried out, and sale is highly probable within the following year. The ass estimated recoverable amounts at 1 July 20X3 are as follows Estimated Recoverable Cost S 440,000 3,100,000 Carrying ValueAmount Land Building Equipment S 440,000 1,580,000 440.000 S 482,000 940,000 333.000 930.000 54,520,000 52,460.000 $1,735,000 On 31 December 20x3, the net recoverable amount of the group is reliably estimated to be S1,763,000. On 1 April 20X4, the asset group is sold for $1,823,000, net of costs to sell. Prepare journal entries that are appropriate to record the information above. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to write the depreciable assets down to their carrying value in their respective asset accounts. Note: Enter debits before credits. Date General Journal Debit Credit 1 July 20X3 Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal is being carried out, and sale is highly probable within the following year. The ass estimated recoverable amounts at 1 July 20X3 are as follows Estimated Recoverable Cost S 440,000 3,100,000 Carrying ValueAmount Land Building Equipment S 440,000 1,580,000 440.000 S 482,000 940,000 333.000 930.000 54,520,000 52,460.000 $1,735,000 On 31 December 20x3, the net recoverable amount of the group is reliably estimated to be S1,763,000. On 1 April 20X4, the asset group is sold for $1,823,000, net of costs to sell. Prepare journal entries that are appropriate to record the information above. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to write the depreciable assets down to their carrying value in their respective asset accounts. Note: Enter debits before credits. Date General Journal Debit Credit 1 July 20X3
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