The following are some transactions of Sandhill Company for 2024. Sandhill Company uses straight-line depreciation and...

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The following are some transactions of Sandhill Company for 2024. Sandhill Company uses straight-line depreciation and has a December 31 year end. Apr. 1 July 30 Nov. 1 Retired a piece of equipment that was purchased on January 1, 2015, for $46,000. The equipment had an expected useful life of 10 years with no residual value. Sold equipment for $1,300 cash. The equipment was purchased on January 3, 2022, for $13,680 and was depreciated over an expected useful life of three years with no residual value. Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2018, at a cost of $30,300. The estimated useful life was eight years and the estimated residual value was $6,300. The fair value of the old vehicle was $8,400 on November 1, 2024. Record the disposals. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record Journal entries in the order presented in the problem.) Date Apr. 1 V July 30 Account Titles Accumulated Depreciation Equipment Loss on Disposal Equipment Cash Accumulated Depreciation Equipment Loss on Disposal Debit 44850 1150 1300 Credit 46000 For each of these disposals, prepare a journal entry to record depreciation from January 1, 2024, to the date of disposal, if required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Record journal entries in the order presented in the problem.) Date Apr. 1 July 30 Nov. 1 Account Titles Depreciation Expense Accumulated Depreciation Equipment Depreciation Expense Accumulated Depreciation Equipment Depreciation Expense Accumulated Depreciation Vehicles Debit 1150 2660 2500 Credit 1150 2660 2500 Nov, 1 Equipment Vehicles Accumulated Depreciation Vehicles Loss on Disposal Equipment Cash 13680 The following are some transactions of Sandhill Company for 2024. Sandhill Company uses straight-line depreciation and has a December 31 year end. Apr. 1 July 30 Nov. 1 Retired a piece of equipment that was purchased on January 1, 2015, for $46,000. The equipment had an expected useful life of 10 years with no residual value. Sold equipment for $1,300 cash. The equipment was purchased on January 3, 2022, for $13,680 and was depreciated over an expected useful life of three years with no residual value. Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2018, at a cost of $30,300. The estimated useful life was eight years and the estimated residual value was $6,300. The fair value of the old vehicle was $8,400 on November 1, 2024. Record the disposals. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record Journal entries in the order presented in the problem.) Date Apr. 1 V July 30 Account Titles Accumulated Depreciation Equipment Loss on Disposal Equipment Cash Accumulated Depreciation Equipment Loss on Disposal Debit 44850 1150 1300 Credit 46000 For each of these disposals, prepare a journal entry to record depreciation from January 1, 2024, to the date of disposal, if required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Record journal entries in the order presented in the problem.) Date Apr. 1 July 30 Nov. 1 Account Titles Depreciation Expense Accumulated Depreciation Equipment Depreciation Expense Accumulated Depreciation Equipment Depreciation Expense Accumulated Depreciation Vehicles Debit 1150 2660 2500 Credit 1150 2660 2500 Nov, 1 Equipment Vehicles Accumulated Depreciation Vehicles Loss on Disposal Equipment Cash 13680

Answer rating: 100% (QA)

Date 20210401 Date 20210630 Date 20211101 Account Accumulated Depreciation Equipment loss on di... View the full answer