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3. Sir Francis Blythe is a business operator in Westmoreland. The...

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Accounting

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3. Sir Francis Blythe is a business operator in Westmoreland. The following data was obtained for the year 2013: Transactions during the year: i) Equipment with book value of $35,000 was sold for $42,000 ii) New equipment was purchased for $220,000 iii) Motor vehicle with book value of $40,000 was sold for $25,000 iv) New motor vehicle was purchased for $200,000 Required: a) Write up the equipment and motor vehicle accounts for the year, clearly showing the amounts for depreciation b) Write up the equipment and the motor vehicle disposal accounts indicating whether there was a gain or a loss on the sale of each asset 4. The following data was obtained from the books of Lake Placid for the year 2013: How much is to be shown in the income statement for a) stationery and utilities expenses, and b) commission and club members fees income

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