Journal entry for equipment disposal
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On March 28, Batting company decided to discard one of its cages. The cost of equipment was $125,000 with an accumulated depreciation of $100,000. Depreciation has been taken up to the end of the year. The following will include the entry to record disposal:
a)Accumulated depreciation Dr. $125,000
b) Loss on disposal of asset $100,000
c)Equipment Cr. $125,000
d) Gain on disposal of asset $25,000
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Solution Summary
The solution explains what journal entry is needed to record the disposal of equipment
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The entry to record the disposal would be to close the accumulated depreciation account and the ...
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