Record disposals Ceda Co. has equipment that cost $80,000 and that has been depr
ID: 2566471 • Letter: R
Question
Record disposals Ceda Co. has equipment that cost $80,000 and that has been depreciated $50,000. Instructions: Calculate the gain or loss on sale and indicate which. Post the transactions to the General Journal. Assume the following: (a) It was sold for $21,000. (b ) It was sold for $31,000. Gain Loss Analysis: General Journal (a) Cost Date DR CR (Less: accumulated depreciation) (a) Book Value (Sales Proceed) (b) Cost (b) (Less: accumulated depreciation) Book Value (Sales Proceed) Totals Record disposals Ceda Co. has equipment that cost $80,000 and that has been depreciated $50,000. Instructions: Calculate the gain or loss on sale and indicate which. Post the transactions to the General Journal. Assume the following: (a) It was sold for $21,000. (b ) It was sold for $31,000.Explanation / Answer
a.
Gain Loss Analysis :
General Journal
b.
Gain Loss Analysis :
General Journal
Cost 80,000 Accumulated depreciation (50,000) Book value 30,000 Sale proceeds (21,000) Loss on sale 9,000Related Questions
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