Question: EASY: please only correct answers. what do i have to change in the 2 red boxes for debit and credit on dec 31 (only red

EASY: please only correct answers. what do i have to change in the 2 red boxes for debit and credit on dec 31 (only red boxes, everything else is correct)
EASY: please only correct answers. what do i have to change in
the 2 red boxes for debit and credit on dec 31 (only

Here are selected 2025 transactions of Blossom Corporation. Jan. 1. Retired a piece of furniture that was purchased on January 1, 2015. The furniture cost $76,000 and had a useful life of 10 years with no residual value. June 30 Sold equipment that was purchased on January 1, 2023. The equipment cost $48,360 and had a useful life of 3 years with no residual value. The equipment was sold for $6,200 cash. Dec. 31 Sold a vehicle for $11,600 cash. The vehicle cost $31,000 when it was purchased on January 1, 2022, and was depreciated based on a 5 -year useful life with a $4,600 residual value. Blossom Corporation uses straight-line depreciation. Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record the sale of equipment.) Dec. 31 Depreciation Expense 5280 Accumulated Depreciation - Vehicles 5280 Accumulated Depreciation - Vehicles (To record depreciaciur experise.) Dec31 Cash 11600 Accumulated Depreciation - Vehicles 18480 Gain on Disposal \begin{tabular}{|r|} \hline 1720 \\ \hline 31000 \\ \hline \end{tabular} Vehicles (To record sale of vehicle.)

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!