PLEASE HELP ME SOLVE THESE, PLEASE NUMBER THEM ACCORDINGLY OR IT IS CONFUSING I WILL UPVOTE FOR CORRECT ANSWERS *ALSO ANSWER IN IMAGES*
Untitled Section 1 point What are the two accounts related to plant assets? To get point for this question mark both the accounts correctly, otherwise you will receive no point. Cash Account Depreciation Account Accumulated Depreciation Accounts Plant asset account e.g Equipment account Accounts Payable Account Accounts Receivable Account Revenue Account Untitled Section 1 point On January 1, 2020 an equipment has an Accumulated Depreciation balance of $64000. On July 1, 2020 the equipment was sold for $16000. The depreciation for the first six months of 2020 is $6000. On the date of sale what is the updated Accumulated Depreciation of the equipment? $64000 $16000 $80000 $70000 O $48000 Untitled Section 1 point On January 1, 2020 an equipment has an Accumulated Depreciation balance of $64000. On July 1, 2020 the equipment was sold for $16000. The depreciation for the first six months of 2020 is $6000. On the date of sale what is the journal entry to update the accumulated depreciation account? Accumulated Depreciation Dr $64000, Depreciation Expense Cr $64000 O Depreciation Expense Dr $64000, Accumulated Depreciation Cr $64000 O Depreciation Expense Dr $70000, Accumulated Depreciation Cr $70000 Depreciation Expense Dr $6000, Accumulated Depreciation Cr $6000 O Accumulated Depreciation Dr $6000, Depreciation Expense Cr $6000 Untitled Section 1 point On January 1, 2020 an equipment has an Accumulated Depreciation balance of $64000. On July 1, 2020 the equipment was sold for $16000. The depreciation for the first six months of 2020 is $6000. The cost of the equipment was $85000. What is the entry to record the disposal of the equipment? Equipment Dr 85000, Cash Cr 16000, Loss on Disposal Cr 69000 Accumulated Depreciation Dr 64000, Cash Cr 16000, Loss on Disposal Dr 5000, Equipment Cr 85000 Accumulated Depreciation Dr 70000, Cash Cr 16000, Equipment Cr 85000, Gain on Disposal Cr 1000 Accumulated Depreciation Dr 64000, Cash Cr 16000, Depreciation Dr 6000, Equipment Cr 85000 O Depreciation Dr 6000, Cash Dr 16000, Accumulated Depreciation Cr 64000, Equipment Dr 85000 Untitled Section 1 point Jojo Enterprises retires its computer, which cost $40,000. The accumulated depreciation on the computer is $32,000. What is the entry to record this retirement? Equipment Dr 40,0000, Cash 40,000 O Depreciation Expense Dr 32,000, Accumulated Depreciation Cr 32,000 Equipment Dr 32000, Depreciation Dr 8000, Gain on Disposal Cr 40,990 Accumulated Depreciation Dr 32,000, Loss on Disposal Dr 8000, Equipment Cr 40,000 Equipment Dr 40,000, Loss on Disposal Cr 8000, Accumulated Depreciation Cr 32,000 Untitled Section 1 point A plant asset with a cost of $900,000 and accumulated depreciation of $800,000 is sold for $80,000. What is the amount of the gain or loss on disposal of the plant asset? a. $20,000 loss. b. $80,000 loss. c. $80,000 gain. d. $20,000 gain. Untitled Section Retirement of Plant Asset can have gain on disposal 1 point O True O False
