Business, 17.01.2020 03:31 erickamurillo9929

Abbott landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,400. abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. tractors are included in the equipment account.

1. record the sale. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

2. assume the tractor was sold for $9,400 instead of $14,400. record the sale. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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Answer from: Reijected

Please see explanation

Explanation:

The Net book value of the tractor after three years of the purchase is given as follow:

Net book value= Cost - Accumulated depreciation for three years

=27,000-((27,000-3,500)/5*3)

=27,00-14,100

=$12,900

1. The journal entry to be recorded in respect of sales of tractor is given below:

Debit Credit

Bank $14,400

Accumulated depreciation $14,100

((27,000-3,500)/5*3)

Tractor $27,000

Gain on sale of asset $1,500

2. If the asset was sold for $9,400 instead of $14,400, then the following journal entry shall be made:

Debit Credit

Bank $9,400

Accumulated depreciation $14,100

Loss on sale of asset $3,500

Tractor $27,000

Answer from: Quest

answer is i don't know

Answer from: Quest

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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Abbott landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40...

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