please complete all required parts
Exercise 11-10 (Algo) Disposal of property, plant, and equipment (L011-2] Mercury Inc. purchased equipment in 2019 at a cost of $354,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $46,000. The equipment was sold for $203,100 part way through 2021. Actual production in each year was: 2019-61,000 units: 2020 97.000 units: 2021-49,000 units. Mercury uses units of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $222,100, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3. nes Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the gain or loss on the sale. (Do not round intermediate calculations.) Required Required 2 > Mercury Inc. purchased equipment in 2019 at a cost of $354,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $46,000. The equipment was sold for $203.100 part way through 2021. Actual production in each year was: 2019-61,000 units: 2020 - 97,000 units: 2021 = 49,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $222,100, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3. Book Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 ferences Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet Record the sale Note: Enter debts before credits Exercise 11-10 (Algo) Disposal of property, plant, and equipment (LO11-2) Mercury Inc. purchased equipment in 2019 at a cost of $354,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $46,000. The equipment was sold for $203,100 part way through 2021. Actual production in each year was: 2019 = 61,000 units; 2020 - 97,000 units: 202149,000 units. Mercury uses units of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $222,100, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assuming that the equipment was instead sold for $222,100, calculate the gain or loss on the sale. (Do not round intermediate calculations.) Gain on sale of equipment Mercury Inc. purchased equipment in 2019 at a cost of $354,000. The equipment was expected to produce 440,000 units over the next five years and have a residual value of $46,000. The equipment was sold for $203,100 part way through 2021. Actual production in each year was: 2019 = 61,000 units; 2020 = 97,000 units: 2021 = 49,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. points Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $222,100, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3. eBook Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record the sale in requirement 3. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) View transaction list 1 Record the sale of equipment. Pre 4 of 16 Next >
