Question: I need help with the 4 numbers that I got incorrect. Homework. Chapter 7 Perfect assumed that the car would have an estimated life of

I need help with the 4 numbers that I got incorrect.
I need help with the 4 numbers that I got incorrect. Homework.

Homework. Chapter 7 Perfect assumed that the car would have an estimated life of 3 years and a residut value of $3,000. Assume that perfect has recorded straight line depreciation expense for 2017 and 2018 Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash, (b) $4,000 cash, and (CY $6,600 cash. The company recorded the car as equipment, If no entry is required, leave the answer boxes blank. a Cash 6.500 Accumulated Depreciation Lainment 13.800 Record sale of car ........... 7.000 22.500 x b. Cash Accumulated Depreciation LoS On Disposal of Property Plants and moment Equipment Record sale of car 7000 X 11.500 6.600 6600 x C Cash Accumulated Depreciation Gain on Disposal of Property Plant, and Equipment Equipment: consta 400 x 13.300 Previous Next > Check My Work 2 more Check My Workutes remaining

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!