Sandhill Co. has delivery equipment that cost $48,800 and has been depreciated $
ID: 2516216 • Letter: S
Question
Sandhill Co. has delivery equipment that cost $48,800 and has been depreciated $23,000.
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Enter a credit amount
(a) It was scrapped as having no value. (b) It was sold for $36,200. (c) It was sold for $19,800.Explanation / Answer
General Journal Debit Credit (a) Accumulated Depreciation $23,000 Loss on Sale of Equipment $25,800 Equipment $48,800 (b) Accumulated Deprecitation $23,000 Cash $36,200 Gain on Sale of Equipment $10,400 Equipment $48,800 (c) Accumulated Deprecitaion $23,000 Cash $19,800 Loss on Sale of Equipment $6,000 Equipment $48,800
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