The company had a production line on 1.1.2016 at a cost of 80,000 and without a residual value and the estimated useful life on that date was 10 years using the straight-line method and at the end of 2020 the company decided

 Required 

Write the journal entry :

1.purchase product line

 2. disposal asset

3. exchange the asset for another asset whose fair value is 28,000 and pay 5,000 cash

4. The asset was sold for $ 32,000

Answer rating: 100% (QA)

Purchase of production line Debit Production line asset 80000 Credit Cash or Accounts payable 80000 ... View the full answer