Show sell of depreciable assets assume a corporate tax rate

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Reference no: EM131221094

One year ago, at 1 July 2015, James Hardy Ltd sold equipment to Belleview Ltd for a price of $180000. At the time of the sale, the carrying value of the equipment in the James Hardy Ltd’s account was $110000 and the accumulated depreciation was $100000. Belleview is depreciating the equipment over a further 10 years period. The expected salvage value is zero. What is the journal entry to show the sell of depreciable assets Assume a corporate tax rate of 30 percent.

Reference no: EM131221094

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Show sell of depreciable assets assume a corporate tax rate : One year ago, at 1 July 2015, James Hardy Ltd sold equipment to Belleview Ltd for a price of $180000. At the time of the sale, the carrying value of the equipment in the James Hardy Ltd’s account was $110000 and the accumulated depreciation was $1000..

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