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i Secure https://www.mathxl.com Student PlayerHomework.aspx?homeworkId=464746448&question;!d=3&flushed-true;&cId;=4838977¢er; inzyes 2010 S2018 10 am Silvana Arciniegas | 3/14/18 11:38 PM Homework: Chapter 7 Homework Save Score: 0 of 18 pts 30f 4 (2 complete) HW Score: 35.19%, 17.24 of 49 pts P7-68A (similar to) Question Help * Roper, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Roper completed the following transactions: i(Click the icon to view the transactions.) Requirement 1. Record the transactions in Roper, Inc.'s, journal. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest dollar) Jan 3: Traded in equipment with accumulated depreciation of $68,000 (cost of $134,000) for similar new equipment with a cash cost of $183,000. Received a trade-in allowance of $74,000 on the old equipment and paid S109,000 in cash. Journal Entry Date Debit Credit Jan 3 Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check AnswerExplanation / Answer
Journal Entry
Date Accounts Debit Credit
Jan 3 Equipment $ 1,83,000 $1,34,000
Accumulated Depression $ 68,000
Profit On Disposal $ 8,000
($ 1,34,000 - $ 68,000 = $66,000
$74,000 - $66,000 = $8000)
Cash $ 1,09,000
Total $2,51,000 $2,51,000
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