Exercise 9-7 Sunland Company has delivery equipment that cost $54,500 and has be
ID: 2539594 • Letter: E
Question
Exercise 9-7
Sunland Company has delivery equipment that cost $54,500 and has been depreciated $24,800.
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
(a) It was scrapped as having no value. (b) It was sold for $36,100. (c) It was sold for $19,200.Explanation / Answer
Journal entry :
Journal entry :
Journal entry :
No Accounts & explanation debit Credit a) Accumlated depreciation 24800 Loss on disposal of equipment 29700 Equipment 54500