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Problem III

Pence Corporation purchased an automobile on January 1, 2018 for $25,000. On January 1, 2020, the Accumulated Depreciation account for the automobile showed a credit of $10,000. Pence sold the automobile that very day for $12,000.

Required:

Make the journal entry for Pence Corporation for the 1/1/20 sale.

Problem IV:

On January 1, 2020 Barr and Sessions decided to form a partnership called BS Associates. Barr contributed Cash $65,000; Equipment which originally cost $30,000 and accumulated depreciation of $16,000 and whose market value that date was $11,000; and Accounts Payable of $5,000. Sessions contributed Cash $20,000; and land which was purchased for $100,000 ten years ago but is now worth $180,000. There is also a mortgage of $50,000 on the land.

Required:

Make the journal entries for the formation of the partnership on 1/1/20.