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Traded in old office equipment with book value of $45,000 (cost of $112,000 and accumulated depreciation of $67,000) for new equipment. Tivora also paid $70,000
Traded in old office equipment with book value of $45,000 (cost of $112,000 and accumulated depreciation of $67,000) for new equipment. Tivora also paid $70,000 in cash. Fair value of new equipment is $120,000. Assume the exchange had commercial substance. Sold equipment that cost $12,000 (accumulated depreciation of $4,000 through December 31 of the preceding year). Tivora received $4,600 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0. Office equipment is depreciated using the double-declining-balance method over four years with a $9,000 residual value. Print Done Jan. 1 Apr. 1 Dec. 31 Recorded depreciation as follows: Now record the sale of the equipment on April 1. Date Apr. 1 Accounts and Explanation Debit Credit Apr. 1: Sold equipment that cost $12,000 (accumulated depreciation of $4,000 through December 31 of the preceding year). Tivora received $4,600 cash from the sale of the equipment Depreciation is computed on a straight line basis. The equipment has a five-year useful life and a residual value of $0. Before we record the sale of the equipment, we must record depreciation on the equipment through April 1, 2016. Date Accounts and Explanation Debit Credit Apr. 1 Depreciation Expense-Equipment Accumulated Depreciation Equipment To record partial year depreciation on equipment. Now record the sale of the equipment on April 1. Accounts and Explanation Date Apr. 1 Windows u Etkinletir Wind Clear all Help me solve this 18C Gneli M Demodocs example Aramak iin buraya yazn Get more help. Bi 600 Debit O " 600 Credit hp Check answer 13:22 29/042022
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