Global Positioning Net purchased equipment on January 1, 2013, for $ 36,000. Suppose Global Positioning Net sold the equipment for $ 26,000 on December 31, 2014. Accumulated Depreciation as of December 31, 2014, was $ 16,000. Journalize the sale of the equipment, assuming straight- line depreciation was used.
Answer to relevant QuestionsPrine Company purchased equipment on January 1, 2013, for $ 20,000. Suppose Prine sold the equipment for $ 7,000 on December 31, 2014. Accumulated Depreciation as of December 31, 2014 was $ 10,000. Journalize the sale of the ...Purple Corporation purchased equipment for $ 15,000. Purple recorded total depreciation of $ 12,000 on the equipment. On January 1, 2014, Purple traded in the equipment for new equipment, paying $ 18,000 cash. The fair ...On January 2, 2012, Pet Oasis purchased fixtures for $ 20,000 cash, expecting the fixtures to remain in service for six years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $ 2,000 residual value. On ...On January 3, 2014, Trusty Delivery Service purchased a truck at a cost of $ 90,000. Before placing the truck in service, Trusty spent $ 3,000 painting it, $ 1,500 replacing tires, and $ 4,500 overhauling the engine. The ...Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland purchased goodwill as part of the acquisition of Shurburn Wireless Company, which had the following figures: Book value ...
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