Prepare general journal ended 30 June 2024 in the following asset of turf cutters. Turf cutter (at

Prepare general journal ended 30 June 2024 in the following asset of turf cutters.

 

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Turf cutter (at cost): 65,000 Accumulated depreciation: (42,230) Total: = 22,770 The turf cutter was purchased on 21 January 2020, at which date it had an estimated useful life of 5 years and an estimated residual value of $3200. On 1 December 2023 the turf cutter was traded in on a new model worth $80,000. A trade in allowance of $19,000 was received and the balance paid in cash. The new machine's useful life and residual value were estimated at 6 years and $5000 respectively. Turf cutter (at cost): 65,000 Accumulated depreciation: (42,230) Total: = 22,770 The turf cutter was purchased on 21 January 2020, at which date it had an estimated useful life of 5 years and an estimated residual value of $3200. On 1 December 2023 the turf cutter was traded in on a new model worth $80,000. A trade in allowance of $19,000 was received and the balance paid in cash. The new machine's useful life and residual value were estimated at 6 years and $5000 respectively.

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Date Account Debit Credit 21 Jan 2020 Turf Cutter a... View the full answer