Francis Company owns equipment that cost 50,000 when purchased on January 1, 2014. It has been depreciated
Question:
Instructions
Prepare Francis Company's journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for €28,000 on January 1, 2017.
(b) Sold for €28,000 on May 1, 2017.
(c) Sold for €11,000 on January 1, 2017.
(d) Sold for €11,000 on October 1, 2017.
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Step by Step Answer:
a Cash 28000 Accumulated Depreciation x Equipment 50000 8000 X 35 25200 ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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