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S10-7 Discarding of a fully depreciated asset On June 15, 2017, Family Furniture discarded equipment that had a cost of $27,000, a residual value of
S10-7 Discarding of a fully depreciated asset On June 15, 2017, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. S10-8 Discarding an asset On October 31, 2018, Alternative Landscapes discarded equipment $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year deprecia- that had a cost of tion expense and disposal of the equipment. S10-9 Selling an asset at gain or loss Alpha Communication purchased equipment on January 1, 2018, for $27,500. Suppose Alpha Communication sold the equipment for $20,000 on December 31, 2020. Accu- mulated Depreciation as of December 31, 2020, was $10,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. S10-10 Selling an asset at gain or loss Peter Company purchased equipment on January 1, 2018, for $28,000. Suppose Peter Company sold the equipment for $4,000 on December 31, 2019. Accumulated Depre- ciation as of December 31, 2019, was $11,000. Journalize the sale of the equipment, assuming straight-line depreciation was used
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