How do i find out to find out what the deprecation and loss or gain of plant assets are?

timer Asked: Jan 21st, 2015

Question description

Pryce Company owns equipment that cost $60,450 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $5,500 and an estimated useful life of 5 years.

Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.)

(a)Sold for $33,970 on January 1, 2014.
(b)Sold for $33,970 on May 1, 2014.
(c)Sold for $10,130 on January 1, 2014.
(d)Sold for $10,130 on October 1, 2014.

Tutor Answer

(Top Tutor) Studypool Tutor
School: New York University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors