Extract from balance sheets at 30 June: Additional information: (i). Depreciation expense for the year is $130
Question:
Extract from balance sheets at 30 June:
Additional information:
(i). Depreciation expense for the year is $130 000.
(ii). Cash proceeds for disposal of equipment during the year amounted to $110 000, resulting in a loss on sale of $20 000.
Prepare the journal entry for the disposal of equipment.
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When an equipment is disposed of the journal entry typically involves removing the equipments cost a...View the full answer
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Related Book For 
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
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