Caterpillar Corp sold manufacturing equipment for $26,000. Caterpillar Corp originally purchased the equipment for $90,000, and...
Caterpillar Corp sold manufacturing equipment for $26,000. Caterpillar Corp originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $76,000.
Was there a gain or loss? Answer = _______yes____________(1pts)
What was the amount of the gain or loss on the sale of the equipment? Answer = ____$14,000____(2pts)
Prepare the journal entry for the sale of the equipment. (3pts) ?????
Homework Answers
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| Please find below the answer | ||
| Statementshowing Computations | ||
| Paticulars | Amount | |
| Purchase Cost of equipment | 90,000.00 | |
| Accumulated depreciation | (76,000.00) | |
| Carrying Value | 14,000.00 | |
| Sale Value of equipment | 26,000.00 | |
| Gain on sale of equipment = 26000 - 14000 | 12,000.00 | |
| Debit | Credit | |
| Accumulated Depreciation - Equipment DR | 76,000.00 | |
| Cash Dr | 26,000.00 | |
| To Equipment | 90,000.00 | |
| To Gain on sale of equipment | 12,000.00 | |
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