Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e7-14(algo) recording the disposal of an asset and

E7-14(Algo) Recording the Disposal of an Asset and Financial Statement Effects LO7-5 FedEx...

80.2K

Verified Solution

Question

Accounting

E7-14(Algo) Recording the Disposal of an Asset and Financial Statement Effects LO7-5
FedEx Corporation is a global leader in express distribution. It has the world's largest fleet of all-cargo aircraft and thousands of vehicles, trailers and electric-powered autonomous delivery robots (bots) and drones to pick up and deliver packages. These bots and drones are used primarily for the "last mile (or kilometre) of delivery" in the most environmentally sustainable and cost-effective way. Assume that FedEx sold some of its robots as part of a modernization process. The bots had been used in the business for three years. The records of the company reflect the following (in millions):
Fleet of electric powered, autonomous delivery $46 bots
Accumulated depreciation
34
Required:
Prepare the journal entry to record the disposal of the fleet of bots and the related transaction effects, assuming that the sales price was (a) $12,(b) $13, or (c) $10.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
1
23
Record the disposal of the truck assuming that the sales price was $12.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,200 Selling price per...

Physics
1.2K views

A letter A is constructed of a uniform wire with resistance 1 02 per cm...

Physics
1.2K views

A light of amplitude A and wavelength is incident on a metallic surface then saturation...

Calculus
1.2K views

Find the limit. Use l' Hospital's Rule where appropriate. If there is a more elementary...

Calculus
1.2K views

Which of the following pairs express the same graph in 20 27 8 x Of...

Accounting
1.2K views

Home Furnishings had the following static budget for manufacturing overhead costs based on 100,000 machine...

Accounting
1.2K views

Sheffield Corporation has the following four items in its ending inventory. (1) Determine the amount...

Accounting
1.2K views

Langdon & Co. issues bonds with a face value of $50,000 for $51,000. Each $1,000...

Accounting
1.2K views

Question 5 ( 2 points) saved If a company sells an item for $40...

Accounting
1.2K views

Pharoah Company reported the following information for November and December 2022. ...

Finance
1.2K views

Please answer. Consider historical data showing that the average annual rate of return...

Accounting
1.2K views

Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources), and two...