Journalize the following transactions for the Robe Company of Yorktown and below each entry show all calculations:
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2014 Jan. Sold a truck for $1,250 that cost $6,750 and had accumu- lated amortization of $6,100 A machine costing $3,200 with accumulated amortization of $2,450 was destroyed in a fire. The insurance company settled the claim for $300 Traded in a machine costing $19,400 with $16,500 of accu mulated amortization for a new machine costing $25,100 with a trade-in allowance of $2,700. Note that amortization is up to date. The loss is to be recognized. Traded in a machine costing $40,000 with $34,000 of accu mulated amortization (which is up to date) for a new machine for a cash price of $45,000 and a trade-in allowance of $8,000 A truck costing $7,000 and fully amortized was disposed of 3 Feb. 10 May 2 July 8 Sept. 12
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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