Current Attempt in ProgressConcord Manufacturing owns equipment that cost €66,600 when purchased on January 1.2017.t has been depreciated ing thestraight-line method based on an estimated residual value of 3,300 and an estimated useful life of 5 yeanPrepare Concord's journal entries to record the sale of the equipment in these four independent situations (Credit account es areautomatically Indented when amount is entered Do not indent manualy(a)Sold for €42.200 on January 1.2020.(b)Sold for €42.200 on May 1.2020.Sold for €10.000 on January 1.2020.Sold for €10.000 on October 1.202a.DebitOmliNo. Account 1tles and ExplaationNo. Account TItles and ExplanationDebitCredit(a)(b)(To record depreciation)(b)(To record depreciation)(To record sale of equipment)(Torecord sale of equipment)(c)(Yo record depreciation)(To record depreciation)(To record sale of equipment)-Texthnok and Media

A journal entry is an accounting entry which is used to record a business recorded in the accounting…

Current Attempt in Progress Concord Manufacturing owns equipment that cost €66,600 when purchased on lanuary 1.2017.t han been depreciated uing the straight-line method based on an estimated residual value of 300 and an estimated useful life of 5 yean Prepare Concord's journal entries to record the sale of the equipment in these four independent situations (Cedit account er are automatically indented when amount is entered Do not indent manualy fal Sold for €42.200 on January 1.2020. (b) Sold for €42.200on May 1, 2020. Sold for €10.000 on January 12020 Sold for €10.000 on October 1.2020 Debit No. Accot tles and Explanation

Current Attempt in Progress Concord Manufacturing owns equipment that cost €66,600 when purchased on lanuary 1.2017.t han been depreciated uing the straight-line method based on an estimated residual value of 300 and an estimated useful life of 5 yean Prepare Concord's journal entries to record the sale of the equipment in these four independent situations (Cedit account er are automatically indented when amount is entered Do not indent manualy fal Sold for €42.200 on January 1.2020. (b) Sold for €42.200on May 1, 2020. Sold for €10.000 on January 12020 Sold for €10.000 on October 1.2020 Debit No. Accot tles and Explanation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In the 31 Dec 2017 annual report of Sun Ltd, the equipment A was reported as follows: Equipment A (at cost) $ 900 000 Accumulated Depreciation (400 000) Estimated useful life 7 years Sun Ltd measure the equipment by the revaluation model. At 31 Dec 2017, Equipment A was revalued to $ 450,000. Required Prepare the journal entries to revalue the equipment A at 31 Dec 2017, using netting and gross up approach
Part A On 3 January 2022, Xavier Ltd exchanged a machine with Carey Ltd. with a cost of $430 000 and accumulated depreciation of $150 000 for a new similar machine with a price of $460 000. Ignore GST. Required: Prepare general journal entries including narrations to record the exchange of the machines. 1. the derecognition of the old machine, assuming a trade-in allowance of $260 000 was received for the old machine and the balance was paid with a loan from Trinity Bank Ltd, and; 2. the acquisition of the new machine.
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