Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 4.3 on 1 january, 2020 a limousine was

Question 4.3 On 1 January, 2020 a limousine was purchased by Tido's luxury...

60.1K

Verified Solution

Question

Accounting

Question 4.3
On 1 January, 2020 a limousine was purchased by Tido's luxury hotel at an acquisition cost of 240,000. Tido depreciates the limousine using the straight line method over a four-year service life, and the limousine is expected to have a residual value of 40,000. The company's fiscal year ends on 31 December.
Prepare a journal entry to record the disposal of the limousine assuming it was scrapped on the 1st of January 2024 and that it was sold for 60,000 on the 1st of July 2023.
Prepare the journal entry for the sale of the limousine.
image

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!
Become a Member

Other questions asked by students

Q

Has WHO learned it’s lesson from Ebola in handling COVID-19? Why or why not?

Biology
Q

Explain the significance of, and the mechanisms behind, slip in metals. What is a slip system?...

Mechanical Engineering
Q

Design an ECBM system with methane recovery, electricity generation, and carbon sequestration for a coal field...

Mechanical Engineering
Q

Being right-handed is an autosomal dominant trait over being left-handed. Hitchhikerthumb is dominant over straight...

Biology
Q

tree you created which animal is the closest relative to humans 0 5 pt 6...

Biology
Q

The Third Corollary to the Inscribed Angle Theorem Third corollary to the inscribed angle theorem...

Geometry
Q

The function f is defined as foll f x x 4 Find f 121 and...

Calculus
Q

Chapter 4 Homework 8 E4-20 (Algo) Calculating Target Cost [LO 4-8)...

Accounting
Q

Wanda's Wand Company reports the following data for its first year of operation. A. $519,700...

Accounting
Q

January Transactions - nimi o N 8. o On 1/01, OPC paid employees' salaries...

Accounting
Q

Quatro Company issues bonds dated January 1, 2021, with a par value of $770,000. The...

Accounting
Q

Year 1: $1.8 million Year 2: $2.2 million Year 3: $3.0 million Year 4: $2.2...

Finance