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Sonbull [250]
3 years ago
15

Sandhill Co. sells office equipment on July 31, 2017, for $22,430 cash. The office equipment originally cost $77,870 and as of J

anuary 1, 2017, had accumulated depreciation of $36,830. Depreciation for the first 7 months of 2017 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2017.
Business
1 answer:
vivado [14]3 years ago
4 0

Answer:

Debit Depreciation expense account    $4,580

Credit Accumulated  depreciation          $4,580

Being entries to recognize depreciation for the first 7 months of 2017

Explanation:

Given that depreciation for the first 7 months of 2017 is $4,580, the journals to update depreciation to July 31, 2017 is

Debit Depreciation expense account    $4,580

Credit Accumulated  depreciation          $4,580

Being entries to recognize depreciation for the first 7 months of 2017 before disposal of the office equipment.

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Answer:

a. What is the pretax cost of debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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