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fiasKO [112]
3 years ago
6

The Ryan Corporation uses the composite method and its composite rate is 7.5% per year. The entry that should be made when plant

assets that originally cost $80,000 and have been used for 10 years are sold for $24,000, is
Business
1 answer:
zhenek [66]3 years ago
7 0

Answer:

Under composite method, the accumulated depreciation account is debited or credited for the difference between the cost of the asset and the cash received from the retirement of the asset.

The journal entry to record the transaction is as below

Date   Account and Explanation                    Debit          Credit

          Cash                                                     $24,000

         <em> Accumulated depreciation - Plant      $56,000</em>

                   Plant assets                                                     $80,000

          (To record sale of plant assets)

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Answer:

a.

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XX-XX-XXX      Accounts Receivable                         $12,040

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b. No it would not have been.

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4 0
2 years ago
Jackson Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2021, with payment of 20 million Korean won
Stolb23 [73]

Answer:

The correct option is (b)

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You purchase one IBM July 120 put contract for a premium of $5. You hold the option until the expiration date when IBM stock is
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Explanation:

Given that,

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dimulka [17.4K]

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reward system; culture

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