You are a credit analyst for First American Bank, and Badger Business has applied for a loan.
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You are a credit analyst for First American Bank, and Badger Business has applied for a loan. The company claims to have more than tripled profits from 2011 to 2012 and believes that it should be given prime credit terms. In addition, you note that Badger has expanded its operations, recently paying $37,000 for new equipment that replaced older equipment, which was sold that same year. No other transaction affected the company's equipment account. Excerpts from the company's 2012 financial statement are provided below.
REQUIRED:Reconstruct the journal entry to record the sale of equipment, and comment on Badger's claim the profits more than tripled in 2012.
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Cash Account 23400 Accumulated Depreciation 6600 a Equipmen...View the full answer
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