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On July 1, Lewis Co acquired a new computer with a list price of $125,000 Lewis received in trade in allowance 0f $15,000 on an old computer of a similar type, paid cash of $30,000 and gave a series of five note payable for the reminder. The following information about the old computer is obtained from the account in the office equipment ledger: cost, $82,500 accumulated depreciation on December 31, the end of the preceding fiscal year, $50,000 annual depreciation $15,000.
Problem 1: Journalize the entries to record:
(a) The current depreciation of the old computer to the date of trade-in,
(b) The transaction on July 1 for financial reporting purpose.
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