Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sale of plant asset noble company has a equipment

Sale of Plant Asset Noble Company has a equipment that originally cost $153,000....

80.2K

Verified Solution

Question

Accounting

Sale of Plant Asset
Noble Company has a equipment that originally cost $153,000. Depreciation has been recorded for six years using the straight-line method, with a $37,000 estimated salvage value at the end of an expected eightyear life. After recording depreciation at the end of six years, Noble sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar):
\table[[a.,$70,000,cash],[b.,$66,000,cash],[c.,$58,000,cash]]
\table[[General Journal],[Date,Description,,Debit,Credit],[a.,Cash,,0,0],[,,0,0],[Equipment,,0,0],[,**,0,0],[To record sale of equipment.,,,],[b.,Cash,,0,0],[,**,0,0],[,,0,0],[To record sale of equipment.,,,g2
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

Basic Math
1.2K views

Distance 3.4 1.8 4.6 2.3 3.1 5.5 0.7 3.0 Damage 26.2 17.8 31.3 23.1 27.5 36.0 14.1 22.3 Distance 2.6 4.3 2.1 1.1 6.1 4.8 3.8 Damage 19.6 31.3 24.0 17.3 43.2 36.4 26.1 Does the y-intercept for this regression model have practical meaning in this context? If so, interpret...

Advance Math
1.2K views

find real solutions : x^3+6x^2-6=0

Physics
1.2K views

What is the near point of a person whose eyes have an accommodated power of...

Physics
1.2K views

8 Examine the charge distribution shown 9 4 0 x 10 C 92 4 0...

Physics
1.2K views

A monochromatic light of frequency v is incident on isolated metallic sphere of radius r...

Geometry
1.2K views

Write your answer in simplified rationalized form U M or u

Basic Math
1.2K views

Use the ALEKS calculator to evaluate each expressic Round your answers to the nearest hundredth...

Calculus
1.2K views

Chubbs Inc s manufacturing overhead budget for the first quarter of 2020 contained the following...

Accounting
1.2K views

Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual...

Accounting
1.2K views

Que Corporation uses a process cost accounting system. The company manufactured certain goods at a...

Accounting
1.2K views

Audit of Disposal of Assets \# of Assets Disposed 62 Total Loss on Disposal ($6.1M)...

Finance
1.2K views

A couple thinking about retirement decide to put aside $3,700 each year in a savings...