The corporation disposed of two computers at the end of their useful lives. The

Question

The corporation disposed of two computers at the end of their useful lives. The computers had cost $4,720 and their Accumulated Depreciation was $4,720. No residual value was received.

Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,440.

1.

Record a journal entry worksheet of the disposal of computers that had cost $4,720 and their accumulated depreciation to the date of disposal was $4,720.

Explanation / Answer

(A) Accummulated depreciation A/C Dr                                                         $ 4720

                         To Computers account                                                        $ 4720

(B) Accummulated depreciation A/C Dr                                                         $ 3440

     Loss on disposal of Computer A/C Dr                                                      $ 1280

                              To Computers A/C                                                          $ 4720

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