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I need to journalize this transaction. Can someone please help Traded in the cash register we purchased in January. Calculate the depreciation to date (
I need to journalize this transaction. Can someone please help
Traded in the cash register we purchased in January. Calculate the depreciation to | ||||||||
date ( 3/12 of a year, zero residual value and 5 year life using straight line). We received | ||||||||
$500 trade in for this cash register. We are buying new cash register with a list | ||||||||
price of $1,000 by issuing a note for 10% interest. Use the GAAP method | ||||||||
of accounting for the loss on the trade in. The new register (#2) will have no residual | ||||||||
value and be depreciated over a 5 year life. |
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