Question: please please I sent the question before but the question incomplete solution also please open the comment to discussion with you Problem 9.4A (Static) Disposal

please please I sent the question before but the question incomplete solutionalso please open the comment to discussion with you Problem 9.4A (Static)Disposal of Plant Assets (LO9-5) During the current year, Hitchcock Developers disposedplease please I sent the question before but the question incomplete solution also please open the comment to discussion with you

Problem 9.4A (Static) Disposal of Plant Assets (LO9-5) During the current year, Hitchcock Developers disposed of plant assets in the following transactions. Feb. 10 Office equipment costing $24,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $21,800. Apr. 1 Hitchcock sold land and a building to Claypool Associates for $900,000, receiving $100,000 cash and a 5-year, 9 percent note receivable for the remaining balance. Hitchcock's records showed the following amounts: Land, $50,000; Building, $550,000; Accumulated Depreciation: Building (at the date of disposal), $260,000. Aug. 15 Hitchcock traded in an old truck for a new one. The old truck had cost $26,000, and its accumulated depreciation amounted to $18,000. The list price of the new truck was $39,000, but Hitchcock negotiated a deal that included a $10,000 trade-in allowance for the old truck and a payment of $28,000 in cash. Hitchcock includes trucks in its Vehicles account. Oct. 1 Hitchcock traded in its old computer system as part of the purchase of a new system. The old system had cost $15,000, and its accumulated depreciation amounted to $11,000. The new computer's list price was $8,000. Hitchcock accepted a trade-in allowance of $500 for the old computer system, paying $1,500 down in cash and issuing a 1-year, 8 percent note payable for the $6,000 balance owed. Required: a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation expense on each asset has been recorded up to the date of disposal. Thus, you need not update the accumulated depreciation figures stated in the problem. b. Do gains and losses on asset disposals affect gross profit? Required A Required B Prepare journal entries to record each of the disposal transactions. Assume that depreciation expense on each asset has been recorded up to the date of disposal. Thus, you need not update the accumulated depreciation figures stated in the problem. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Feb 10 21,800 Accumulated depreciation: Office equipment Office equipment 24,000 2 Apr 01 Cash Notes receivable Accumulated depreciation: Building Land Building 100,000 800,000 260,000 50,000 550,000 3 Aug 15 39,000 18,000 Vehicles (new truck) Accumulated depreciation: Vehicles (old truck) Vehicles (old truck) Cash 26,000 28,000 4 Oct 01 No Transaction Recorded Complete this question by entering your answers in the tabs below. Required A Required B Do gains and losses on asset disposals affect gross profit? Do gains and losses on asset disposals affect gross profit?

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