Presented below are selected transactions for Lumber Mil Company for 2021. Jan. 1 Sold a machinery...
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Presented below are selected transactions for Lumber Mil Company for 2021. Jan. 1 Sold a machinery for $12,000 that was purchased on January 1, 2013. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value April 30 Retired an equipment that was purchased on Jan 1, 2017. The equipment cost S65.000, and had a useful ife of 5 vears with no salvage value of $5.000. Dec 31 Discarded a business automobile that was purchased on Jan 1. 2016. The car cost 527.000 and was depreciated on a 6-yar useful life with no salvage value REQUIRED: Journalize all entries required as a result of the above transactionis. Lumber Mill Company uses the straight-line methiod. Presented below are selected transactions for Lumber Mil Company for 2021. Jan. 1 Sold a machinery for $12,000 that was purchased on January 1, 2013. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value April 30 Retired an equipment that was purchased on Jan 1, 2017. The equipment cost S65.000, and had a useful ife of 5 vears with no salvage value of $5.000. Dec 31 Discarded a business automobile that was purchased on Jan 1. 2016. The car cost 527.000 and was depreciated on a 6-yar useful life with no salvage value REQUIRED: Journalize all entries required as a result of the above transactionis. Lumber Mill Company uses the straight-line methiod.
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Date Particulars Debit Credit Jan 1 Bank AC Dr Profit Loss AC Dr To Machinery Ac 12000 6000 18000 Ap... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
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