B-11.03 Problem

B-11.03 Problem - disposition of the boat in each case....

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B-11.03 Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the
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Unformatted text preview: disposition of the boat in each case. Case 1 After 8 years of ownership, the boat was taken by a storm. Case 2 After 12 years of ownership, the boat was sold for $175,000. Case 3 After 15 years of ownership, the boat was sold for $60,000....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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