Disposal of Fixed Assets

Disposal of Fixed Assets - 18,000 18,000 Gain on Sale--...

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Disposal of Fixed Asset On July 1, 2009 Lenny's Sold Its Lawn Mowing Equipment for $30,000 Cash Date Debit Credit July 1 Cash 30,000 Accumulated Depreciation 18,000 Equipment 48,000 Sold Mowing Equipment for $30,000 cash Gain on Disposal of 30,000 Beg. Bal 0 Loss on Disposal of 48,000 Beg. Bal 0 48,000 0 Accumulated 18,000 18,000 0 No Gain or Loss -- Cash Received for Fixed Asset = Book Value Dr. Cash Cr. Dr. Fixed Assets Cr. Dr. Equipment Cr. Dr. Fixed Assets Cr. Dr. Depreciation Cr.
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Disposal of Fixed Asset On July 1, 2009 Lenny's Sold Its Lawn Mowing Equipment for $40,000 Cash Date Debit Credit July 1 Cash 40,000 Accumulated Depreciation 18,000 Equipment 48,000 Gain on Disposal of Fixed Assets 10,000 Sold Mowing Equipment for $40,000 cash Gain on Disposal of 40,000 Beg. Bal 0 10,000 Loss on Disposal of 48,000 Beg. Bal 0 48,000 0 Accumulated
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Unformatted text preview: 18,000 18,000 Gain on Sale-- Cash Received for Fixed Asset Greater than Book Value Dr. Cash Cr. Dr. Fixed Assets Cr. Dr. Equipment Cr. Dr. Fixed Assets Cr. Dr. Depreciation Cr. Disposal of Fixed Asset On July 1, 2009 Lenny's Sold Its Lawn Mowing Equipment for $5,000 Cash Date Debit Credit July 1 Cash 5,000 Accumulated Depreciation 18,000 Loss on Disposal of Fixed Assets 25,000 Equipment 48,000 Sold Mowing Equipment for $5,000 cash Gain on Disposal of 5,000 Beg. Bal Loss on Disposal of 48,000 Beg. Bal 48,000 25,000 Accumulated 18,000 18,000 Loss on Sale-- Cash Received for Fixed Asset Less than Book Value Dr. Cash Cr. Dr. Fixed Assets Cr. Dr. Equipment Cr. Dr. Fixed Assets Cr. Dr. Depreciation Cr....
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This note was uploaded on 10/20/2011 for the course ACC 221 taught by Professor Wiegand during the Spring '08 term at Miami University.

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Disposal of Fixed Assets - 18,000 18,000 Gain on Sale--...

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