Question: ill give you a thumps up if you do it right and fast Data table More info 1. On February 1, Irwin sold the vehicles




Data table More info 1. On February 1, Irwin sold the vehicles to Pure Produce, Inc, for $12,000. 2. On March 31, all of Irwin's equipment and machinery was destroyed by a fire in one of its facilities. 3. On May 1, the equipment was replaced at a cost of $585,000 and the machinery cost the company $351,900 to replace. The estimated useful lives and residual values remained the same as specified for the original machinery and equipment. The company paid cash for the new assets. Requirements a. Prepare the journal entries required to record each of the above events and to record depreciation expense at the end of the year. b. Determine the ending net book value of Irwin's long-term operating assets on its December 31, 2023, balance sheet. Show the balance for each asset individually and in total. Informution related to the longterm operafing assets of Irwin Retail Distributors. Inc at December 31.2022 , is as follows (Click the icon to vied the fonptent operating ansets) The fiscal year end of the company is Decenber 31 . The following events occurred during 2023 (Click the ican to vhaw the events) Read the Requirement a. Prepare the journal entries required to record esch of the above evonts and to record depreciation expense at the end of the year iRecord dobits first, then credits Evers 1 On February 1,2023, Irwh sold the vehicles to Pure Produce. Inc for 512000 Frat prepare the joumal entry to recognize depreciation expense on the vehides up to the date of sale, (Rouod your arswer to the pearest whole dolfar) Bow prepare the kurnal entry to recocd the sabe of the vehicles Eventz Do March 3t, 2023, al of Inwiria equipment and nachinery was destroyed by a fre in one of iss fachties. Account Now preparo the journal entry to record the sale of the vehicles Event 2 On Match 31,2023, all of Irwin's equiprnent and machinery was destroyed by a fire in one of its facilities First prepare the journal entry to recognize depreciation expense on the eaininmant and na-hinery up to the date of the fire. (Propare a cournpound entry.) Prepare the journal entry to record the derecognition of the eauinmant in. recognition of the machinery We will do that in the noxt sten
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