QUESTION 4 (10 marks) On April 1, 2015, Thunderbird Co sold a piece of equipment...
70.2K
Verified Solution
Link Copied!
Question
Accounting
QUESTION 4 (10 marks) On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $55,00 piece of equipment that had cost $35,000 on January 1, 2011. The equipment had a residual value of $5,000, a useful life 10 years, and double balance depreciation at twice the straight-line rate was used. On December 31, 2014, accumulated depreciation was $20.664. The asset was sold for $14,200. Prepare the journal entry to record depreciation up to the date of disposal of the equipment, and the journal entry to record the disposal of the equipment. Show your calculation for marks
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: Zin AI - Your personal assistant for all your inquiries!
