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slava [35]
3 years ago
13

purchased equipment on January​1, 2018​,for $ 27 comma 419.Suppose Duck Pond Golf Club Sold the equipment for $ 19 comma 000 on

December 31 comma 2019.Accumulated Depreciation as of December​31, 2019​,was $ 12 comma 186.Journalize the sale of the​ equipment, assuming​ straight-line depreciation was used.
Business
1 answer:
ale4655 [162]3 years ago
3 0

Answer:

31 December 2019

Cash                                      19000 Dr

Accumulated depreciation  12186 Dr

            Equipment                        27419 Cr

            Gain on disposal              3767 Cr

Explanation:

Straight line depreciation method charges a constant depreciation expense through out the useful life of the asset.

To calculate the gain or loss on disposal/sale of an asset like this, we need to first determine the book value or carrying value of asset on that day.

Carrying value = Cost - Accumulated depreciation

Carrying value = 27419 - 12186

Carrying value = $15233

Gain or (loss) on disposal = Cash/Sale proceeds - Carrying Value

Gain or (loss) on disposal = 19000 - 15233

Gain or (loss) on disposal = $3767 Gain

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Variable overheads efficiency variance = $13,040  favorable  

Explanation:

<em>Variable overheads efficiency variance is the difference between the standard hours of actual output and actual hours valued at the standard variable overhead rate per hour </em>

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