What is the difference between the cost of the plant asset and the accumulated depreciation to date?
Gopher Excavation, a calendar-year firm, purchased equipment on January 1st, 2013, for $175,000. The equipment had an estimated life of 10 years and no expected salvage value, and Gopher depreciated it using the straight-line method. On July 1st, 2017, Gopher sold the equipment for $120,000. How should Gopher record thesale on its balance sheet?
On December 31, 2016, Weber Industries had on their books a delivery truck that was purchased for $23,000 and had accumulated $13,800 in depreciation. Annual depreciation is $2,300. On July 1, 2017, Weber Industries sold the truck for $9,000. If Weber Industries forgets to account for a partial year of depreciation for the truck, how will this affect their journal entry?
Lawrence Clothing sold two old sewing machines.
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