PROBLEM 10-10 - PROBLEM 10-10 (a) Has Commercial Substance...

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PROBLEM 10-10 (a) Has Commercial Substance Garrison Construction (1) Equipment ($72,000 + $118,000). ......................... 190,000 Accumulated Depreciation—Equipment . ......... 60,000 Loss on Disposal of Plant Assets. ...................... 8,000* Equipment . ....................................................... 140,000 Cash. ................................................................... 118,000 *Computation of loss: Book value of old crane ($140,000 – $60,000) $80,000 Fair value of old crane 72,000 Loss on disposal of plant assets $ 8,000 Keillor Manufacturing (2) Cash. ............................................................................. 118,000 Equipment Inventory. .............................................. 72,000 Sales. .................................................................. 190,000 Cost of Goods Sold . ................................................ 165,000 Equipment Inventory . ................................... 165,000 (b) Lacks Commercial Substance
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This note was uploaded on 06/06/2010 for the course ACCOUNTING ac505 taught by Professor Khan during the Spring '10 term at DeVry Fremont.

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PROBLEM 10-10 - PROBLEM 10-10 (a) Has Commercial Substance...

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