Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
(a)The equipment had no market value and was discarded.
(b)The equipment is sold for $54,000.
(c)The equipment is sold for $24,000.
(d)The equipment is traded in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.Journal

Question

Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
(a)The equipment had no market value and was discarded.
(b)The equipment is sold for $54,000.
(c)The equipment is sold for $24,000.
(d)The equipment is traded in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.​Journal

Quizplus · Accepted Answer

The Answer of Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
(a)The equipment had no market value and was discarded.
(b)The equipment is sold for $54,000.
(c)The equipment is sold for $24,000.
(d)The equipment is traded in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.​Journal

Equipment Acquired at a Cost of $126,000 Has a Book