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Percy Ltd Has a Piece of Equipment That Has Been

Question 51

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Percy Ltd has a piece of equipment that has been depreciated for 3 years using the declining-balance depreciation method at a rate of 20 per cent.The equipment cost $34,000 and has a salvage value of $4,000.At the end of the third year the asset is sold for $24,000.What is the appropriate journal entry to record the disposal in line with the requirements of AASB 116?


A) Percy Ltd has a piece of equipment that has been depreciated for 3 years using the declining-balance depreciation method at a rate of 20 per cent.The equipment cost $34,000 and has a salvage value of $4,000.At the end of the third year the asset is sold for $24,000.What is the appropriate journal entry to record the disposal in line with the requirements of AASB 116? A) B) C) D) E) None of the given answers.
B) Percy Ltd has a piece of equipment that has been depreciated for 3 years using the declining-balance depreciation method at a rate of 20 per cent.The equipment cost $34,000 and has a salvage value of $4,000.At the end of the third year the asset is sold for $24,000.What is the appropriate journal entry to record the disposal in line with the requirements of AASB 116? A) B) C) D) E) None of the given answers.
C) Percy Ltd has a piece of equipment that has been depreciated for 3 years using the declining-balance depreciation method at a rate of 20 per cent.The equipment cost $34,000 and has a salvage value of $4,000.At the end of the third year the asset is sold for $24,000.What is the appropriate journal entry to record the disposal in line with the requirements of AASB 116? A) B) C) D) E) None of the given answers.
D) Percy Ltd has a piece of equipment that has been depreciated for 3 years using the declining-balance depreciation method at a rate of 20 per cent.The equipment cost $34,000 and has a salvage value of $4,000.At the end of the third year the asset is sold for $24,000.What is the appropriate journal entry to record the disposal in line with the requirements of AASB 116? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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