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Johnson Limited sells office equipment on September 30, 2012, for $42,000 cash. The office equipment originally cost $144,000 when purchased on January 1, 2009. It has an estimated residual value of $4,000 and a useful life of five years. Depreciation

Johnson Limited sells office equipment on September 30, 2012, for $42,000 cash. The office equipment originally cost $144,000 when purchased on January 1, 2009. It has an estimated residual value of $4,000 and a useful life of five years. Depreciation was last recorded on December 31, 2011, the company's year end. Prepare the journal entries to

(a) Update depreciation using the straight-line method to September 30, 2012,

(b) Record the sale of the equipment.

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a Depreciation Expense 144 000 4 000 5 9 12 21 000 …View the full answer


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Financial Accounting Tools for Business Decision Making

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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Posted Date: July 18, 2017 01:53:36
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