Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hello, I need help with this question!! thank you! HW Problem 8.3 On 1/1/X2 Your Co. purchased equipment on account for $80,000 plus sales tax
hello, I need help with this question!! thank you!
HW Problem 8.3 On 1/1/X2 Your Co. purchased equipment on account for $80,000 plus sales tax of $7,200. On January 2nd, Your Co. paid $3,000 to strengthen the floor where the equipment would be installed. On January 30, Your Co. paid $800 for delivery and installation of the equipment. A) Record the journal entries for the preceding transactions. B) Record depreciation at the end of the year assuming the straight-line method, the equipment cost $91,000, has an 8 year life, and a salvage value of $4,984. C) Record the journal entries 10/1/X5, if Your Co. sells the equipment for $60,000. Assume no previous adjusting entries were made that year. D) Record the journal entries 10/1/X5 if the equipment was sold for $40,000
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