Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 16 (4 points) the marshall group is an in

Question 16 (4 points) The Marshall Group is an investment company, and it uses state-of-the-art...

90.2K

Verified Solution

Question

Accounting

image
Question 16 (4 points) The Marshall Group is an investment company, and it uses state-of-the-art computer equipment in its offices. At the beginning of 2020, the company purchased computer equipment to replace most of its computers. The old computers were still in pretty good condition to Payless Investment Group offered to buy the computers for $125.000, Cash They were only 3 years old The original cost of the old computers was 5896,000 Residual value was estimated at $60,000. The company depreciated the computers using double declining depreciation, and assumed a useful life of 4 years. Which of the following is the correct journal entry for this sale? DR Cash $125,000 Loss on sale of Computers 771,000 CR Computers $896,000 DR Cash $125,000 Accumulated Depreciation 984,000 Loss on Disposal of Computers 13,000 CR Computers 5896,000 DR Cash $125.000 Accumulated Depreciation 784,000 CR Gain on Disposal of Computers $13,000 Computers 896,000 DR Cash $125,000 Accumulated Depreciation 60,000 Loss on Disposal of Computers 211,000 CR Computers $896,000

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