Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $98,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $50,000. The truck had a cost of $49,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $27,000. Prepare the journal entry Larkspur Corporation would make for the donation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $98,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $50,000. The truck had a cost of $49,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $27,000. Prepare the journal entry Larkspur Corporation would make for the donation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 43P

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