Question: Funseth Farms Inc purchased a tractor in 2008 at a

Funseth Farms, Inc. purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.

Required:
1. Prepare the journal entry to record the sale.
2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.


View Solution:


Sale on SolutionInn
Sales0
Views555
Comments
  • CreatedJuly 02, 2013
  • Files Included
Post your question
5000