Record the sale of equipment in four independent situations, Accounting Basics

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Record the sale of equipment in four independent situations

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimating salvage value of $5,000 and an estimated useful life of 5 years.

Instructions:

Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

Sold for $20,000 on January 1, 2010.
Sold for $28,000 on May 1, 2010.
Sold for $11,000 on January 1, 2010.
Sold for $11,000 on October 1, 2010.

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Accounting Basics: Record the sale of equipment in four independent situations

Reference No:- TGS076712

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Accounting Basics: Record the sale of equipment in four independent situations

Reference No:- TGS076712

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : State and local tax provisions

Q : Find out the total cost recovery deduction

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Q : Journalize all entries required on the given dates

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Record the sale of equipment in four independent situations

Reference No:- TGS076712

Recent Questions Asked Accounting Basics

Q : State and local tax provisions

Q : Find out the total cost recovery deduction

Q : Explain the basics of accounting

Q : Journalize all entries required on the given dates

Q : Record the sale of equipment in four independent situations

Q : Journalize the exchange for coran delivery company

Q : Find out the cost recovery recapture

Q : Describe for students the primary objectives of accounting

Q : Depreciation expenditure on consolidated income statement

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