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Really appreciate the help :) 1 Presented below are selected transactions for Anaconda Ltd during the year 2019. Jan. Discarded a computer purchased on 1
Really appreciate the help :)
1 Presented below are selected transactions for Anaconda Ltd during the year 2019. Jan. Discarded a computer purchased on 1 January 2015. The computer cost $9,000, and had a useful life of 5 years with no residual value. Mar. 31 Sold a machine for $30,000. In January 2013, Anaconda Ltd paid $44,000 to acquire the machine, which had a useful life of 10 years and a residual value of $4,000. Sep. 30 Sold land for $800,000. The cost of the land purchased on 30 September 2010 was $500,000. Dec. 31 Scrapped a truck that was purchased on 31 December 2009. The truck cost $88,000 on that date, and had a useful life of 10 years with no residual value. Required: Ignore GST. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Anaconda Ltd uses straight-line depreciation method. The reporting period ends on 31 December. Narrations are not required. 7 BI- = Date Account Titles Debit CreditStep by Step Solution
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