Question: Presented below are selected transactions for Quality Products Ltd for the year ended 3 1 December 2 0 1 6 . Jan. 1 Scrapped a
Presented below are selected transactions for Quality Products Ltd for the year ended December Jan. Scrapped a piece of machinery that was purchased on January, The machine cost $ on that date, and had a useful life of years with no residual value. April Sold a printing machine for $ that was purchased on January, The printer cost $ and had a useful life of years with no residual value. Dec. Discarded a business automobile that was purchased on September The car cost $ and was depreciated on an year useful life with a residual value of $ Required: Journalise all entries required as a result of the above transactions. Quality Products Ltd uses the straightline method of depreciation for all the above assets and has recorded depreciation up to December Ignore GST Narrations are not required.
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