90.2K

Verified Solution

Link Copied!

View Policies Show Attempt History Current Attempt in Progress Sandhill uses the diminishing-balance method at one times the straight-line depreciation rate. Sandhill Limited purchased delivery equipment on March 1, 2019 for $ 117,500 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $ 10,460. The equipment was disposed of on November 30, 2021. Sandhill uses the diminishing balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually (a) Your answer is correct Record the acquisition of equipment on March 1, 2019. (List all debit entries bedbore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation 117500 Mar. 1 Equipment 117500 ch e Textbook and Media Record the disposal of the equipment on November 30, 2021, under each of the following independent assumptions: (Lst all debit entries before credit entries. Credit occount titles are automatically Indented when the amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem. Round answers to 0 decimal places, es 5,275. I no entry is required, select "No Entry for the account titles and enter for the amounts) 1. 2. It was sold for $ 62,240 It was sold for $ 87,890 It was retired for no proceeds. 3. Date Account Titles and Explanation Debit Credit Nov. 30 I Depreciation Expone 2676 Accummed Depreciation Equipment 2676 (To record depreciation on equipment disposed) Nov. 30 Cash 62240 Accumulated Depreciation out Los on Old Date Account Titles and Explanation Debit Credit Nov. 30 Depreciation Expense 2676 Accumulated Depreciation Equipment 2676 (To record depreciation on equipment disposed) Nov. 30 Cash 62240 Accumulated Depreciation - Equipment Los on Disposal Equipment 117500 Nov. 30 Cash Accumulated Depreciation Equipment Gino Disposal Ecument Nov. 30 Accumulated Deprecation.com Lou on Discout

Answer & Explanation Solved by verified expert

See Answer