Question: Mooney's Inc. owns a second trailer that costs $30,000. They want to trade the trailer in for a newer model. The new trailer costs $28,000 but the dealer will give Mooney a $2,000 trade- in allowance on the old trailer. Accumulated depreciation on the old trailer totals $27,000 at the time of the trade-in. Required: 1. What is the amount of gain or loss on the trade-in of the old trailer? a) b) Loss Gain c) Gain d) Loss of $8,000 of of of $1,000 $1,000 $2,000 2. Using the information from Question 1, produce the journal entry to record the transaction, assuming that Mooney paid cash for the new trailer.

Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800

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