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goblinko [34]
3 years ago
12

Brown Company purchased equipment in 2011 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-ye

ar useful life. At December 31, 2017, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2018, the equipment was sold for $40,000.
Business
2 answers:
ikadub [295]3 years ago
5 0

Answer:

Dr Depreciation Expense 3,500

Cr Accumulated Depreciation—Equipment 3,500

Dr Cash 40,000

Dr Loss on Disposal of Plant Assets 8,500

Dr Accumulated Depreciation—Equipment 101,500

Cr Equipment 150,000

Explanation:

Brown Company Journal entry

(a)

Dr Depreciation Expense 3,500

Cr Accumulated Depreciation—Equipment 3,500

( $14,000 × 1/4 = $3,500)

Dr Cash 40,000

Dr Loss on Disposal of Plant Assets 8,500

Dr Accumulated Depreciation—Equipment ($98,000 + $3,500) 101,500

Cr Equipment 150,000

vazorg [7]3 years ago
4 0

Answer:

The journal entry for disposal of equipment will be as follows;

Explanation:

Accumulated Depreciation          Dr.$98,000

Cash                                              Dr.$40,000

Loss on disposal (150-98-40)       Dr.$12,000

Equipment                                    Cr.$150,000

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Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2017 for $75,000. The land original
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7 0
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7 0
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Louise works for a tax firm that caters to individuals and small businesses. Each year when tax season rolls around, the firm is
kondor19780726 [428]

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6 0
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g Given the information below: ASSETS LIABILITIES Cash and cash equivalents $10,000 Current debts for the year $15,000 Other liq
artcher [175]

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