The Loban Company purchased four cars for $9,000 each, and expects that they would be sold in
Question:
The Loban Company purchased four cars for $9,000 each, and expects that they would be sold in three years for $1,500 each. The company uses group depreciation on a straight-line basis.
Required
1. Prepare journal entries to record the acquisition and the first year’s depreciation.
2. If one of the cars is sold at the beginning of the second year for $7,000, what journal entry is required?
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1 Automobiles 36000 Cash 36000 To record acquisition Depreciation C...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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