The Empire is in desperate need of cash to fund the continuing war with the Rebe
ID: 2477970 • Letter: T
Question
The Empire is in desperate need of cash to fund the continuing war with the Rebellion so the Emperor and imperial officers decide to sell the death star and they put it on Craiglist.com. The death star has a fair market value of 375 millins and they are able to find a buyer who pays them 400$ million. At the time of sale, the death star is listed on the emppire’s balance sheet for 418$ millions. The empire had purchased the death star for 550$ millions and was depreciating it over 25 years using the straight line method.
Record the Journal entry for the sale of the death star on December 18.2015.
Explanation / Answer
Cash 400 Accumalated Depreciation 132 Loss on sale of Death Star 18 To Death Star 550
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