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Equipment acquired at a cost of $126,000 has a book value of $42,000.
Required:
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.*
*Refer to the Chart of Accounts for exact wording of account titles.
Sagot :
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