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need all 5 parts answered, thank you!! Logan Company owns equipment that cost $140,000 when purchased on January 1, 2018. It has been depreciated using
need all 5 parts answered, thank you!!
Logan Company owns equipment that cost $140,000 when purchased on January 1, 2018. It has been depreciated using the straight- line method based on estimated salvage value of $14,000 and an estimated useful life of 5 year, Prepare Logan Company's journal entries to record the sale of the equipment in five independent situations. Update depreciation on assets disposed of at time of sale Part 1 {a} Sold for $65.000 on January 1, 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account ties and enter for the amounts) Account Titles and Explanation Debit Credit Part 1 (a) Sold for 565,000 on January 1, 2021. (Credit accountries are automatically Indented when the amount is entered. Do not indent manually. If mentry is required, elect "No Entry for the accounts and enter for the amounts) Debit Credit Account Titles and Explanation Part 2 th Sold for $65.000 on April 1, 2021. (Credit accounts are automatically indented when the amount is entered. Do not indent monty if no antrysid, select "No Entry for the accounts and enter for the amounts) Account Titles and explanation Debit Credit (To record depreciation expense) Part 3 (c) Sold for $35.000 on January 1, 2021. (Credit accountries are automatically indented when the amount is entered. Do not indent manually no entry is required, select "No Entry for the accountities and enter for the amounts) Debit Credit Account Tities and Explanation Part 4 Idi Sold for $35.000 on September 1, 2021. (Credit accounts are automatically indented when the amount is entered. Do not Indient manually. If no entry is required, select Entry for the accounts and enter for the amounts.) Debit Credit Account Titles and Explanation (To record depreciation expense) Parte le) Sold for $35.000 on January 1, 2021, assuming Loganuses double declining balance depreciation. (Credit account des ore automatically indented when the amount is entered. Do not indent many of no entry is required, elect"No Entry for the account the and enter for the amounts Debit Credit Account Titles and Explanation Step by Step Solution
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