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help me please asap Q2: Following selected transactions are given for Cimera Company; Apr 1 Traded old computer with new furniture. Old computer has a
help me please asap
Q2: Following selected transactions are given for Cimera Company; Apr 1 Traded old computer with new furniture. Old computer has a cost of $5,000; useful life is 5 years and has zero residual value. Accumulated depreciation of computer is $3,000 as of December 31 of preceding year. Company also paid $1,000. New furniture has a market value of $2,500. Company uses straight-line depreciation for old computer. Sep 1 Sold equipment that cost $36,000 (accumulated depreciation of $22,400 on the date of sale). Hilda received $12,000 from the sale of the equipment. Dec 31 Calculate and record depreciation as follows: Furniture (acquired on April 1) is depreciated by straight-line basis over a 5-year life with zero residual value. Requirements: 1. Record the transactions in the Journal of Cimera Company. (5 points each) 2. Show how to calculate amounts Step by Step Solution
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