II. Please try to analyze the following cases and write down the appropriate recoding process.. Payne...
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II. Please try to analyze the following cases and write down the appropriate recoding process.. Payne Company purchased equipment in 2010 for $90,000 and estimated a $6,000 residual value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $58,800 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $26,000.- 1. Please prepare the appropriate journal entries to remove the equipment from the books of Payne Company on March 31, 2017. 2. Judson Company sold a machine for $15,00o. The machine originally cost $35,000 in 2014 and $8,000 was spent on a major overhaul in 2017 (charged to Machinery account). Accumulated Depreciation on the machine to the date of disposal was $28,000. Prepare the appropriate journal entry to record the disposition of the machine. Donahue Company sold office equipment that had a book value of $7,000 for $8,000. The office equipment originally cost $20,000 and it is estimated that it would cost $25,000 to replace the office equipment.. Prepare the appropriate journal entry to record the disposition of the office equipment. 3. II. Please try to analyze the following cases and write down the appropriate recoding process.. Payne Company purchased equipment in 2010 for $90,000 and estimated a $6,000 residual value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $58,800 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $26,000.- 1. Please prepare the appropriate journal entries to remove the equipment from the books of Payne Company on March 31, 2017. 2. Judson Company sold a machine for $15,00o. The machine originally cost $35,000 in 2014 and $8,000 was spent on a major overhaul in 2017 (charged to Machinery account). Accumulated Depreciation on the machine to the date of disposal was $28,000. Prepare the appropriate journal entry to record the disposition of the machine. Donahue Company sold office equipment that had a book value of $7,000 for $8,000. The office equipment originally cost $20,000 and it is estimated that it would cost $25,000 to replace the office equipment.. Prepare the appropriate journal entry to record the disposition of the office equipment. 3.
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Journal entries Date Particulars Debit Credit 1 Cash ac Dr 26000 Accumulated depreciation Dr ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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