On March 31, 2020, Boxer Company disposed of old equipment that cost $29,000 and had been...
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On March 31, 2020, Boxer Company disposed of old equipment that cost $29,000 and had been depreciated $14,500 as of March 31, 2020. Present the journal entries to record the disposal under each of the following unrelated assumptions: 1. The equipment was sold for $10,200. 2. The equipment was exchanged for a new machine with a fair value of $32,800. Boxer received a $15,000 trade-in allowance and he paid cash for the remaining amount. On March 31, 2020, Boxer Company disposed of old equipment that cost $29,000 and had been depreciated $14,500 as of March 31, 2020. Present the journal entries to record the disposal under each of the following unrelated assumptions: 1. The equipment was sold for $10,200. 2. The equipment was exchanged for a new machine with a fair value of $32,800. Boxer received a $15,000 trade-in allowance and he paid cash for the remaining amount.
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1 The equipment was sold for 10200 Debit Credit Equipment 14500 G... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
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