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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 1
Sale of asset at gain or loss
Global Positioning Net purchased equipment on January 1, 2012, for $36,000. Global Positioning Net expected the equipment to last for four years and to have a residual value of $4,000. Suppose Global Positioning Net sold the equipment for $26,000 on December 31, 2013, after using the equipment for two full years. Assume depreciation for 2013 has been recorded.
Requirement
1. Journalize the sale of the equipment, assuming straight-line depreciation was used.
Global Positioning Net purchased equipment on January 1, 2012, for $36,000. Global Positioning Net expected the equipment to last for four years and to have a residual value of $4,000. Suppose Global Positioning Net sold the equipment for $26,000 on December 31, 2013, after using the equipment for two full years. Assume depreciation for 2013 has been recorded.
Requirement
1. Journalize the sale of the equipment, assuming straight-line depreciation was used.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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