Question #3 On January 2, 2020, XYZ Company disposed of equipment that cost $55,000 and...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Question #3
On January 2, 2020, XYZ Company disposed of equipment that cost $55,000 and had accumulated depreciation of $30,525 up to that date. The machine was sold for $26,250 cash.
Required:
1. What was the gain/loss on this disposal?
2. Record the journal entry for this transaction.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
