Question
The following are some transactions of Ivanhoe Company for 2021. Ivanhoe Company uses straight-line depreciation and has a December 31 year end. Apr. 1 Retired
The following are some transactions of Ivanhoe Company for 2021. Ivanhoe Company uses straight-line depreciation and has a December 31 year end.
Apr. 1 | Retired a piece of equipment that was purchased on January 1, 2012, for $49,000. The equipment had an expected useful life of 10 years with no residual value. | |
July 30 | Sold equipment for $1,700 cash. The equipment was purchased on January 3, 2019, for $13,680 and was depreciated over an expected useful life of three years with no residual value. | |
Nov. 1 | Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2015, at a cost of $30,000. The estimated useful life was eight years and the estimated residual value was $6,000. The fair value of the old vehicle was $8,300 on November 1, 2021. |
For each of these disposals, prepare a journal entry to record depreciation from January 1, 2021, to the date of disposal, if required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Apr. 1July 30Nov. 1 | enter an account title to record depreciation expense | enter a debit amount | enter a credit amount |
enter an account title to record depreciation expense | enter a debit amount | enter a credit amount | |
(To record depreciation expense.) | |||
choose a transaction date Apr. 1July 30Nov. 1 | enter an account title to record depreciation expense | enter a debit amount | enter a credit amount |
enter an account title to record depreciation expense | enter a debit amount | enter a credit amount | |
(To record depreciation expense.) | |||
choose a transaction date Apr. 1July 30Nov. 1 | enter an account title to record depreciation expense | enter a debit amount | enter a credit amount |
enter an account title to record depreciation expense | enter a debit amount | enter a credit amount | |
(To record depreciation expense.) |
List of Accounts
Record the disposals. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Apr. 1 | enter an account title to record disposal of equipment on April 1 | enter a debit amount | enter a credit amount |
enter an account title to record disposal of equipment on April 1 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on April 1 | enter a debit amount | enter a credit amount | |
(To record disposal of equipment.) | |||
July 30 | enter an account title to record disposal of equipment on July 30 | enter a debit amount | enter a credit amount |
enter an account title to record disposal of equipment on July 30 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on July 30 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on July 30 | enter a debit amount | enter a credit amount | |
(To record disposal of equipment.) | |||
Nov. 1 | enter an account title to record disposal of equipment on November 1 | enter a debit amount | enter a credit amount |
enter an account title to record disposal of equipment on November 1 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on November 1 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on November 1 | enter a debit amount | enter a credit amount | |
enter an account title to record disposal of equipment on November 1 | enter a debit amount | enter a credit amount | |
(To record disposal of equipment.) |
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