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Please help with both questions, thank you. Record the following transactions in the journal of Jo Jo Music, Inc. Explanations are not required. Use a
Please help with both questions, thank you.
Record the following transactions in the journal of Jo Jo Music, Inc. Explanations are not required. Use a 360 -day year for interest computations and round to the nearest dollar. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Seabrook, Inc., had a piece of equipment that cost $56,000 and had accumulated depreciation of $40,000. Read the requirement. a. Seabrook discarded the equipment receiving $0. (Record debits first, then credits. Exclude explanations from all journal entries.) Requirement 1. Record the disposition of the equipment assuming the following independent situations: a. Seabrook discarded the equipment, receiving $0. b. Seabrook sold the equipment for $18,000 cash. c. Seabrook traded the equipment in on a new piece of equipment costing $66,000. Seabrook was granted a(n) paid the difference in cash. d. Seabrook traded the equipment in on a new piece of equipment costing $50,000. b. Seabrook sold the equipment for $18,000 cash. Seabrook was granted a $15,500 trade-in allowance for the old equipment and signed a note payable for the differenceStep by Step Solution
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