Accounting format

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Plant Assets”

E9-9 Shown below are the T‐accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight‐line basis with an estimated useful life of 10 years and a salvage value of $100. Part of the equipment was sold on the last day of the current year for cash proceeds.

Cash                                       Equipment                                        Accumulated Depreciation-Equipment

Jan . 1 (a)                Jan. 1    1,100                                                                                          Dec. 31                    100

Dec. 31  450                                                               Dec.    31      440                     Dec      31            40         31                     55

Depreciation Expense                   Gain on Disposal of Plant Assets

Dec.   31 (b)                                                                                        Dec. 31 (c)

Instructions

Prepare the journal entries to record the following and derive the missing amounts: (a) Purchase of equipment on January 1. What was the cash paid? (b) Depreciation recorded on December 31. What was the depreciation expense? (c) Sale of part of the equipment on December 31. What was the gain on disposal?

Accounting format
“Plant Assets”   E9-9 Shown below are the T‐accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight‐line basis with an estimated useful life of 10 years and a salvage value of $100. Part of the equipment was sold on the last day of the current year for cash proceeds. Cash Equipment Accumulated Depreciation-Equipment Jan . 1 (a) Jan. 1 1,100 Dec. 31 100 Dec. 31 450 Dec. 31 440 Dec 31 40 31 55 Depreciation Expense Gain on Disposal of Plant Assets Dec. 31 (b) Dec. 31 (c) Instructions Prepare the journal entries to record the following and derive the missing amounts:(a) Purchase of equipment on January 1. What was the cash paid?(b) Depreciation recorded on December 31. What was the depreciation expense?(c) Sale of part of the equipment on December 31. What was the gain on disposal?

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