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Please answer question #10 Part B, SHOWING ALL WORK ACCORDINGLY ON ALL PARTS. Thank you! Pharoah Corporation had the following transactions. 1. Sold land (cost
Please answer question #10 Part B, SHOWING ALL WORK ACCORDINGLY ON ALL PARTS. Thank you!
Pharoah Corporation had the following transactions. 1. Sold land (cost $12,300) for $15,300. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,300. 4. Paid salaries of $9,300. 5. Issued 900 shares of $1 par value common stock for equipment worth $7,200. 6. Sold equipment (cost $11,200, accumulated depreciation $7,840) for $1,344. (a) Your answer is correct. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) ransaction Account Titles and Explanation Debit Credit Cash 15,300 Land 12.300 Gain on Disposal of Plant Assets 3,000 2. Cash 20.000 Common Stock 20.000 3. Depreciation Expense 17.300 Accumulated Depreciation-Buildings 17.300 Salaries and Wages Expense 9.300 4. Salaries and Wages Expense 9,300 Cash 9,300 5. 5 Equipment 7,200 Common Stock 900 Paid-in Capital in Excess of Par Value-Common Stock 6,300 6. Cash 1.344 Accumulated Depreciation Equipment 7.840 Loss on Disposal of Plant Assets 2,016 Equipment 11.200 For each transaction above, (b) indicate how it would affect the statement of cash flows using the indirect method. (Do not leave any answer field blank Enter Ofor amounts. Select "Not Reported"If it is not reported on the statement of cash flows. Select "Not Applicable" if it does not belong to any section.) 1 Cash receipt > Gain on disposal of plant assets 6. Cash receipt Loss on disposal of plant assets Step by Step Solution
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