Exercise 9-7 Sunland Company has delivery equipment that cost $54,500 and has be

Q: Exercise 9-7 Sunland Company has delivery equipment that cost $54,500 and has be

Journal entry : Journal entry : Journal entry : No Accounts & explanation debit Credit a) Accumlated depreciation 24800 Loss on disposal of equipment 29700 Equipment 54500

ID: 2539594 • Letter: E

Question

Exercise 9-7

Sunland Company has delivery equipment that cost $54,500 and has been depreciated $24,800.

Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(c)

(a) It was scrapped as having no value. (b) It was sold for $36,100. (c) It was sold for $19,200.

Explanation / Answer

Journal entry :

No Accounts & explanation debit Credit a) Accumlated depreciation 24800 Loss on disposal of equipment 29700 Equipment 54500

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Exercise 9-7 Sunland Company follows the practice of pricing its inventory at th

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Exercise 9-7 Sunland Company has delivery equipment that cost $54,500 and has be

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