Question: Assignment 3. (Homework) Banana Company purchased a printer machine by cash on January 312020 , costing $3,200, transportation cost was $500, Import duties was $100.

 Assignment 3. (Homework) Banana Company purchased a printer machine by cash

Assignment 3. (Homework) Banana Company purchased a printer machine by cash on January 312020 , costing $3,200, transportation cost was $500, Import duties was $100. (salvage value =$800 ) Banana Company depreciates the machine using the Performance-Related Method (the asset estimated useful life is 3 years). Banana Company sold the printer machine for $2,675 on May 1 2021. Banana Company has a year-end of December 31 each year, and he used the historical cost model for the property, plant, and equipment. Required Show the joumal entries to record the depreciation charge and the disposal and complete the disposals ledger account. Calculate the profitioss arising on the disposal

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!