Business, 21.05.2021 17:20 naenaehampton13

Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. Record the sale of equipment assuming Garcia sells the equipment for $50,600 cash.

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Answer from: yaquiii70

1. Cash Debit $ 47,000

Accumulated Depreciation equipment Debit $ 40,800

Gain on sale of equipment Credit $ 11,000

Equipment Credit $ 76,800

To record sale of equipment for $ 47,000 and gain on sale of $ 11,000

2. Cash Debit $ 36,000

Accumulated Depreciation equipment Debit $ 40,800

Equipment Credit $ 76,800

To record sale of equipment for $ 36,000

3. Cash Debit $ 31,000

Accumulated Depreciation equipment Debit $ 40,800

Loss on sale of equipment Debit $ 5,000

Equipment Credit $ 76,800

To record sale of equipment for $ 31,000 and loss on sale of $ 5,000

Explanation:

Computation of net book value

Cost of equipment $ 76,800

Less: Accumulated depreciation $ 40,800

Net book value $ 36,000

In first step where the equipment is sold of $ 47,000, the differential between the sale value and the net book value is the gain on sale and is credited in the accounting entry.

In the second step, where the equipment is sold for $ 36,000, the sale proceeds is exactly equal to the net book value and no gain or loss is recorded.

In the third step, the equipment is sold for $ 31,000 and the differential between the net book value and the sale proceeds is a loss and recorded as a debit in the accounting entry

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Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Garcia sells...

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