ooo Inland C... LTE 7:56 AM 54% edugen.wileyplus.com Weygandt, Accounting Princi

Question

ooo Inland C... LTE 7:56 AM 54% edugen.wileyplus.com Weygandt, Accounting Principles, 12e Help I System Announcements Problem 10-6A Ceda Co. has equipment that cost $74,500 and that has been depreciated $49,500. Record the disposal under the following assumptions (a) It was scrapped as having no value (b) It was sold for $19,000 (e) It was sold for $27,000. (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. Question Attempts: 0 of 3 used saVE PORLATE

Explanation / Answer

Date Account Debit credit a Accumulated depreciation 49500 Loss on disposal as scrap 25000 Equipment 74500 b cash 19000 Accumulated depreciation 49500 Loss on sale of equipment [74500-49500-19000] 6000 Equipment 74500 c cash 27000 Accumulated depreciation 49500 Gain on sale of equipment [27000+49500-74500] 2000 Equipment 74500

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