Value of the equipment on the date sold, Accounting Basics

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Value of the equipment on the date sold

Joan Corp sold office equipment on January 1,2009 for a cash price of $430,000. The equipment had a cost of $500,000 and accumulated depreciation of $180,000.

a. What is the book value of the equipment on the date sold?
b. What is the gain or loss on the sale of the equipment?
c. Prepare the journal entry to record the sale of the asset.

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Accounting Basics: Value of the equipment on the date sold

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Accounting Basics: Value of the equipment on the date sold

Reference No:- TGS0687091

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Value of the equipment on the date sold

Reference No:- TGS0687091

Recent Questions Asked Accounting Basics

Q : What is blues charitable contributions deduction

Q : Determine the capacity to handle the special order

Q : How to use of computer software

Q : Why the company uses the units-of-activity method

Q : Value of the equipment on the date sold

Q : Explain how these events would affect the balance

Q : What net effect would these valuations have

Q : Complete the statement of cash flows

Q : Explain why unlimited liability

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