Asset disposals

Assignment Help Accounting Basics
Reference no: EM1356927

1. Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated
Prepare the journal entry recording the scrapping of the truck.

2. Alik Amal is a bar in Panama City, Florida, in April 2008, rowdy spring break guests damaged a jukebox that had been purchased in 1995 for $800. The Jukebox had a useful life of ten years, with an estimated salvage value of $75. Alik Amal decided to scrap the jukebox after the incident.
Prepare the journal entry recording the scrapping of the jukebox

3. Lopez lumber purchased a precision saw in March 2006 for $4,000. The saw was expected to last five years with no salvage value. Lopez uses the straight-line depreciation method.
Lopez decided to purchase a new saw in March 2008 and was able to sell the old saw for $2,000.
Prepare the journal entry recording the sale of the old saw.

4. Toth Architects purchased a color plotter for $5,000 in Jan 2006. The plotter was expected to last five years with a $500 salvage value. Toth uses the double-declining balance method to depreciate the plotter.
Toth chose to upgrade to premium model in Jan 2007 and sold the old plotter to Dunn Drafting for $2,500
Prepare the journal entry recording this sale of old plotter.

Reference no: EM1356927

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