Homework Answers
| Market value of assets received | 23000 | |
| Less: Book value of asset disposed of | ||
| Cost | 70500 | |
| Less: Accumulated depreciation (70500-500/7*5) | -50000 | 20500 |
| Gain on sale | 2500 | |
Journal entry
| Date | account and explanation | Debit | credit |
| Cash | 23000 | ||
| Accumulated depreciation-equipment | 50000 | ||
| Equipment | 70500 | ||
| Gain on sale of equipment | 2500 |
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service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
October 31,2018, Comfy sold the fixtures for $7,600 cash. Record
both depreciation for 2018 and sale of the fixtures on October
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on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
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