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  • Asset Sold at A Loss: 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e

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    Steven Sanderson
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    PLANT ASSET DISPOSALS --SALES asset originally purchased on 1 / 1 / 96 is sold on 1/ 1 / 99 for $3,000. Accumulated Depreciation-Equipment loss on disposal Equipment Calculation of gain or loss on disposal: $3,000 Cash proceeds 5,000 Book Value of asset ( $2,000 )

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    TT 10-J5

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    PLANT ASSET DISPOSALS --SALES asset originally purchased on 1 / 1 / 96 is sold on 1/ 1 / 99 for $3,000. Accumulated Depreciation-Equipment loss on disposal Equipment Calculation of gain or loss on disposal: $3,000 Cash proceeds 5,000 Book Value of asset ( $2,000 )

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    9 views1 page

    Asset Sold at A Loss: 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e

    Uploaded by

    Steven Sanderson
    PLANT ASSET DISPOSALS --SALES asset originally purchased on 1 / 1 / 96 is sold on 1/ 1 / 99 for $3,000. Accumulated Depreciation-Equipment loss on disposal Equipment Calculation of gain or loss on disposal: $3,000 Cash proceeds 5,000 Book Value of asset ( $2,000 )

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    PLANT ASSET DISPOSALS —SALES

    Asset Sold at a Loss


    Asset originally purchased on 1/1/96 is sold on 1/1/99 for $3,000.
    Equipment Accumulated Depreciation-Equipment
    20,000 12/31/96 5,000
    12/31/97 5,000
    12/31/98 5,000
    Bal. 15,000
    Book Value = $5,000
    Entry:
    Cash 3,000
    Accumulated Depreciation-Equipment 15,000
    Loss on Disposal 2,000
    Equipment 20,000
    Calculation of gain or loss on disposal:
    Cash proceeds $3,000
    Book value of asset 5,000
    Loss on disposal ( $2,000 )

    Copyright 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e T T 10–J

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