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3 years ago

Exercise 9-16

Business

1 answer:

antiseptic1488 [7]3 years ago

7 0

Answer:

Loss on sale of delivery equipment = $3,700

Explanation:

The following journal entry to record the exchange for Sheridan’s Delivery Company.

Delivery equipment debit (fair value) $2,800

Loss on sale of delivery equipment debit $37,00 (Note - 1)

Accumulated depreciation debit $15,000

Delivery equipment (original cost) credit $21,500

Note: Calculation: Loss on sale of delivery equipment = cost price of delivery equipment - accumulated depreciation - disposal of delivery equipment.

Loss on sale of delivery equipment = $21,500 - $15,000 - $2,800.

Loss on sale of delivery equipment = $21,500 - $17,800

Loss on sale of delivery equipment = $3,700

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