4. Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers...

  

 

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4. Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inc has decided to sell the old mixer to another firm. Assume that depreciation is up to date. Required (24pts): a. Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. b. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. DATE ACCOUNT DR CR 4. Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inc has decided to sell the old mixer to another firm. Assume that depreciation is up to date. Required (24pts): a. Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. b. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. DATE ACCOUNT DR CR

Answer rating: 100% (QA)

Answer a Journal entry for selling the old mixer for 15500 Selling price 15500 Boo... View the full answer