Question
The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had
The following are the transactions of Morrell Corporation: |
a. | Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,680 and their Accumulated Depreciation was $4,680. No residual value was received. |
b. | Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,360. Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A) Record the disposal of computers that had cost $4,680 and their accumulated depreciation to the date of disposal was $4,680. B) Record the disposal of computers that had cost $4,680 and their accumulated depreciation to the date of disposal was $3,360. |
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