Question
End Blast production showed the following selected asset balances on Dec 31, 2020 Land = $396,800 Building = $526,400 Accumulated Depreciation , Building1 = 393,600
End Blast production showed the following selected asset balances on Dec 31, 2020
Land = $396,800
Building = $526,400
Accumulated Depreciation , Building1 = 393,600
Equipment = 171,200
Accumulated Depreciation, equipment2 = 74,400
Notes - 1. Remaining estimated useful life is 8 years with a residual value of$80,000: depreciation using straight line method
2. Total estimated useful life is 10 years with a residual value of $16000; depreciated using double declining method
Required : Prepare the entries for each of the following
- The land and building were sold on September 27, 2021, for $592,000 cash
- The equipment was sold on November 2, 2021 for $56,800 cash
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Financial Accounting Theory and Analysis Text and Cases
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey
10th edition
470646284, 978-0470646281
