Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Incom

Faucet Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $14,900. Faucet accounted for depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Determine the financial statement effects of the sale of the tractor. 2. Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the tractor was sold for $9,700 instead of $14,900. Determine the financial statement effects of the sale. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Incom

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11PA: Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and...

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