Plant Asset Depreciation and Disposal Entries
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Prepare the necessary journal entries to record the following transactions in 2006 for Jano Company.
March 1 Discarded old store equipment that originally cost $24,000 and had a book value of $6,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year.
July 31 Sold a delivery truck for $5,000. The delivery truck originally cost $28,000 and had accumulated depreciation of $20,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year.
Dec 31 Recorded straight-line depreciation on asset with cost of $34,000, salvage value of $2,000 and useful life of 4 years.
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Solution Summary
The solution discusses asset depreciation and disposal entries.
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Accumulated Depreciation 18,000
Loss on Disposal of Equipment 6,000
Equipment ...
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