In the past, a wholesaler purchased all of PTS's previously used tools that were being retired from

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In the past, a wholesaler purchased all of PTS's previously used tools that were being retired from rentals. Now, due to expansion, PTS has more supply than the wholesaler needs. As a result, PTS has started offering the remaining used tools for sale to its customers at discounted prices. Each of these retired tools is scanned and its carrying amount is transferred from "Tools for rent," a property, plant, and equipment account amortized straight-line over four years, to "Inventory Used rental tools for sale." New tools have an average cost of $300. The average tool transferred to "Inventory Used rental tools for sale" is 1.5 years old and sells for $100

Posted Date: May 18, 2024 01:03 PM

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In the past, a wholesaler purchased all of PTS's previously used tools that were being retired from

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